A newly created wallet withdrew 492 Bitcoin from Binance, valued at approximately $31.06 million, according to on-chain analytics platform Onchain Lens.
The move followed a larger transfer earlier in the week, when two wallets collectively pulled 6,765 Bitcoin—worth about $441.34 million—off the exchange. Both transactions extend a sustained pattern of large holders moving Bitcoin into self-custody.
On-chain data shows whale addresses accumulated 170,000 BTC over the past 30 days, a supply shift consistent with long-term holding strategies by large entities. Exchange outflows reduce the float available for spot and derivatives trading, tightening order book depth and increasing the potential for price swings during demand spikes.
Corporate treasury buying is contributing to the accumulation. SEGG Media launched a $300 million Bitcoin treasury, following a template established by MicroStrategy of holding Bitcoin as a balance sheet reserve.
During a flash crash in October, Binance whale addresses—those holding between 10,000 and 100,000 BTC—averaged $1.96 million per order in purchases, reinforcing the pattern of large buyers stepping in during drawdowns.
Bitcoin was trading at $64,281 at time of publication, down 0.7 percent over the prior 24 hours. The Crypto Fear & Greed Index sat at 29, in fear territory.
As more Bitcoin moves into cold storage, available supply for perpetual futures and spot markets contracts, reducing the inventory market makers can deploy to maintain order book depth.
