$600 million suddenly moved out of Binance
A massive 109,234 BTC was moved out of Binance to an unknown wallet just hours ago. At the current price that represented a movement of more than $600m in value for a fee of only $7.19 cents.
Since the move, an additional 30,000 BTC moved out of the Binance wallet in smaller batches. Their cold wallet has a remaining balance of around 20,000 BTC.
A lot of speculation surrounded the size and timing of the movement of these funds. Some have suggested it may be a large institutional OTC deal. Others say it is just movement from one Binance wallet to a wallet locked up in ‘colder storage’.
On December 12, it is expected Bitcoin
futures will launch on the Bakkt platform (held in ICE’s Digital Asset Warehouse). The Bakkt platform has some serious corporate support. It is backed by, Microsoft, Boston Consulting Group, Starbucks and the owner of the New York Stock Exchange. If it is big institutional money buying in, then this would be a prime candidate.
trading volumes have also seen a significant uptick over the last week. Daily trading volumes have risen from a low of $500 million a day to the present level of close to $1.5 billion traded in the last 24 hours.
Tether collapsed in price last night, and was down to 97 cents. This was after a brief rally during the initial dump where Tether lifted over one dollar to $1.036.
With the recent announcement of Binance listing Circle-backed stable coin USDC could we finally start to see a competitor emerge to challenge Tether’s grip on the stable coin market.
Tether is currently trading close to three times its total market cap in daily trading volume. This is a stark difference to the USDC that traded less than one per cent of its 137 million market cap in the same period.