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Institutional Whale Returns $260M In Bitcoin To Binance After $470M Withdrawal
Blockchain analytics firm Whale Alert flagged 3,000 Bitcoin worth $260.39 million moving into Binance on Tuesday.
Arkham Intelligence linked the sending wallets to Matrixport-related infrastructure.
The deposit marks a reversal from the firm's December 5 withdrawal of $470 million.
What Happened
Two Matrixport-connected wallets deposited approximately 4,000 BTC worth $347.56 million to Binance on December 17.
Whale Alert initially tracked 3,000 BTC moving to Binance's "15KX2" deposit address.
The receiving wallet had accumulated Bitcoin from BIT.com Matrixport addresses over the previous two weeks.
Matrixport was founded in 2019 by Jihan Wu, former CEO of Bitmain.
The Singapore-based firm provides institutional custody, over-the-counter trading, lending, and derivatives services.
The deposit contrasts with Matrixport's December 5 activity when the firm withdrew 3,805 BTC worth $470 million from Binance.
That earlier withdrawal was interpreted as a bullish accumulation signal.
Read also: BNB Chain Plans Stablecoin Launch As Market Hits $300 Billion Supply
Why It Matters
Large exchange deposits typically signal preparation for spot sales, derivatives collateral, or volatility positioning.
The rapid reversal from withdrawal to deposit suggests sophisticated institutional trading strategies.
Bitcoin is trading around $86,600, down significantly from its November high of $126,000.
No confirmed spot selling has appeared on order books matching the deposit size.
Possible scenarios include staged selling to minimize market impact, collateral for short or options positions, or preparation for active trading.
Matrixport's infrastructure focuses on execution and hedging for high-net-worth clients.
The bidirectional movement reflects institutional flexibility in responding to market conditions.
Read next: Bhutan Pledges $1 Billion In Bitcoin To Build 'Mindfulness City' Without Selling Reserves
Arkham Intelligence linked the sending wallets to Matrixport-related infrastructure.
The deposit marks a reversal from the firm's December 5 withdrawal of $470 million.
What Happened
Two Matrixport-connected wallets deposited approximately 4,000 BTC worth $347.56 million to Binance on December 17.
Whale Alert initially tracked 3,000 BTC moving to Binance's "15KX2" deposit address.
The receiving wallet had accumulated Bitcoin from BIT.com Matrixport addresses over the previous two weeks.
Matrixport was founded in 2019 by Jihan Wu, former CEO of Bitmain.
The Singapore-based firm provides institutional custody, over-the-counter trading, lending, and derivatives services.
The deposit contrasts with Matrixport's December 5 activity when the firm withdrew 3,805 BTC worth $470 million from Binance.
That earlier withdrawal was interpreted as a bullish accumulation signal.
Read also: BNB Chain Plans Stablecoin Launch As Market Hits $300 Billion Supply
Why It Matters
Large exchange deposits typically signal preparation for spot sales, derivatives collateral, or volatility positioning.
The rapid reversal from withdrawal to deposit suggests sophisticated institutional trading strategies.
Bitcoin is trading around $86,600, down significantly from its November high of $126,000.
No confirmed spot selling has appeared on order books matching the deposit size.
Possible scenarios include staged selling to minimize market impact, collateral for short or options positions, or preparation for active trading.
Matrixport's infrastructure focuses on execution and hedging for high-net-worth clients.
The bidirectional movement reflects institutional flexibility in responding to market conditions.
Read next: Bhutan Pledges $1 Billion In Bitcoin To Build 'Mindfulness City' Without Selling Reserves
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