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Bitcoin Price Analysis: 120,000 Bitcoins Stored in One Cold Wallets

Crypto cryptocurrency BTC BTC Bitcoin How can we easily and quickly find the BTC address which has a large number of transactions? As shown in the following chart, you can find the address by sorting out the "Change" in JieData.

By sorting out the "Change", we can find 120,000 Bitcoin have an action on the Bitcoin chain today, and the address is a cold wallet published by Binance,

this address is:

This address only has inflow transactions before, but today all of its BTC has been transferred into this address: 3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6

Bitcoins, Altcoins, JieData help you catch all the coins.

Look at the chart below. The receiving address (3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6) which is a published Binance address moved frequently in the past. At present, 120,000 coins stay in it.

Meanwhile, by using JieData "Address Analysis" function, we can find that the address has several transactions with another address (bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3) which is also an published Binance address.

From the chart below, we can see that the address (bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h) moved frequently. Binance didn't define it, but we guess that it is a hot wallet based on its transactions.

At the same time, for the address in the chart below, there is a phenomenon that the BTC price goes down while the balance increases, and vice versa. So recently, the balance decreases again. Will the price go down? Don't rush, let's keep reading.

Look at the chart below, we found lots of coins (in small amount) flowed into the address from Nov 18, 2021, to Nov 27, 2021. So not those coins that come from 3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6 caused the price drop.

On the contrary, the address received 15,000 BTC from 3M219KR5vEneNb47ewrPfWyb5jQ2DjxRP6 on Oct 25 and Oct 29, 2021, the price went up from 60,000 to 69,000.

We should also pay attention to the outflow of this address:bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h, if its destination is still the address of Binance itself, then this transaction will have little impact on the market, just the internal integration.

If this address flow into new wallet frequently, then this transaction maybe preparation for withdrawal, that's all for today's case analysis. Leave us a comment if you have any questions~

This post is based on this twitter thread.

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