- A major whale moved 1,226 BTC worth $126M off Binance and Cobo wallets, signaling cold storage and long-term conviction.
- Binance’s unrealized BTC profits near 105K suggest whales remain patient and unwilling to sell despite price pullbacks.
- With MicroStrategy holding 555K BTC, the circulating supply dropped 2.23%, tightening liquidity as demand flips positive in 2024.
A major Bitcoin whale moved over 1,100 BTC from Binance within one hour, drawing attention from on-chain analysts. The withdrawals came in multiple transactions, including significant amounts from both Binance and Cobo custodial wallets. This pattern suggests wallet consolidation and long-term accumulation.
Whale Moves Spark Accumulation Speculation
According to blockchain sleuth The Data Nerd, 1,000 BTC worth $103.11 million was withdrawn from Binance just 25 minutes before his post. A prior transaction brought 139 BTC ($14.32 million) from another Binance hot wallet. Both transactions targeted the address bc1q57rcscs6zt…, now holding 2,616 BTC.
Additional inflows to this wallet include 22 BTC ($2.26 million) and 31 BTC ($3.08 million) from Cobo-linked addresses over the past two days. A separate transaction moved 5 BTC ($472.78K) into another wallet. The combined transfers amount to 1,226 BTC, worth over $126 million in total.
Three of the five transactions originated from Binance, contributing 1,139 BTC, while Cobo sent 53 BTC across two transfers. With no outflows recorded, the address appears to serve as a cold storage vault. This consolidating behavior typically precedes long-term holding, not immediate sale.
Binance Profit Metrics Show Strong Holding Behavior
CryptoQuant data shows Binance wallet unrealized profits hovering near 105,000 BTC by early 2024. This aligns with prior bull cycle tops, such as late 2021, when Bitcoin hit $69,000 and Binance wallets held over 100K BTC in unrealized gains. The persistence of these profits suggests reluctance to sell.
Even amid 2025’s pullbacks, unrealized profits remain historically high, indicating that whales are sitting on substantial gains. Institutional accumulation hasn’t reversed, and Binance wallet behavior supports that long-term holders are not yet taking profits in volume.
MicroStrategy’s Holdings Deflate Circulating Supply
MicroStrategy’s 555,000 BTC stash plays a key role in reducing effective supply. When subtracting MSTR’s holdings, the circulating BTC dropped from 19.5 million in January 2024 to 19.2 million by April 2025. Ki Young Ju estimates this results in a –2.23% supply contraction.
He suggests this figure might understate the real impact, given other long-term holders. The supply curve remains downward-sloping, confirming a continued trend. Reduced liquidity could contribute to increased price sensitivity on the upside if demand resurges.
Apparent Demand Flips Positive Again in 2024
Apparent demand for BTC turned positive again in 2024, with over 300K BTC of net accumulation as Bitcoin pushed toward $ 70 K. This follows a –800K BTC bottom in 2022 and echoes similar trends from 2021’s $64K breakout, when demand exceeded 800K BTC.
Large positive shifts in demand tend to mark early bull cycles, while deep negative demand often signals market tops. Current on-chain activity, including whale movement and demand spikes, points to continued investor confidence and potential upward momentum.
