Whale transfers $20M in Bitcoin to Binance as price remains shaky

A whale has transferred nearly $20 million worth of Bitcoin to Binance as the flagship crypto continues to struggle.

Data from Arkham Intelligence shows that an address labeled “bc1q…kp4n” sent around 300 BTC, valued at over $20 million, to a Binance deposit address on Tuesday. As of press time, the wallet still retains roughly 200 BTC, which is worth about $13.75 million based on prices at the time of writing.

The wallet appears relatively recent compared to others seen in recent months, where decade-old holdings have suddenly become active to execute similar transfers.

On-chain data indicates that the address accumulated around 513 BTC between January and March 2025. At the time, the stash was worth close to $50 million, pointing to an average acquisition price of roughly $97,541 per coin.

So far, it remains unclear whether the transfer was made with the intent to sell, but movements to exchanges are often linked to potential selling activity. Given that the wallet is currently sitting at a loss, with Bitcoin trading near $69,000, the move could be aimed at limiting further downside.

On the contrary, the transfer could simply be portfolio restructuring or internal fund management rather than an immediate sale.

However, if we look at recent whale activity, it would not come as a surprise if the holder is preparing to sell. Bitcoin is down more than 45% from its all-time high and has faced intense volatility in recent sessions.

Last month a dormant wallet moved 2,100 BTC, worth around $147.7 million, after more than 13 years of inactivity. In another case, roughly $33 million in Bitcoin was sent to Binance by a separate whale.

This is happening as Bitcoin price has remained under pressure due to bearish macro catalysts, particularly rising tensions between the U.S. and Iran. The conflict has pushed oil prices higher and aggravated inflation concerns in the U.S. and across global markets. As long as these tensions persist, large holders may be inclined to remain on the sidelines.

On the other hand, institutions and treasury firms like Strategy have continued buying the flagship crypto.