A massive 109,234 BTC was moved between Binance cold wallets this morning.
At the current price that represented a movement of more than $600m in value for a fee of only $7.19 cents.
Binance CEO Changpeng ‘CZ’ Zhao eased fears by announcing that the exchange would be moving funds between cold wallets, insisting that there was ‘no need to be alarmed’.
We will be moving some funds between our cold wallets. A tell tale sign of a new cold wallet on Binance is two small transfers from and BACK TO an existing wallet, then a large transaction. No need to be alarmed. Funds are #SAFU.
— CZ Binance (@cz_binance) October 20, 2018
— WhaleWatch.io (@whalewatchio) November 15, 2018
Binance 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.
Move away from Tether
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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.