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Key Takeaways

The Wallet in Question

The address, which begins with ‘bc1qsz,’ sent the coins to Binance early Saturday, tracker Lookonchain reported. Other outlets carried and printed the same data subsequently, describing it as a wallet “suspected to be related to BIT (formerly Matrixport)” and depositing into Binance again. Anyone can follow the flows on the wallet’s Arkham page.

Matrixport rebranded itself as BIT earlier this year in March. It is a Singapore-based company, started in 2019 by former Bitmain executives, and currently manages more than $6 billion in assets and handles over $7 billion in monthly trading volume. It is also exploring U.S. capital markets options, including a possible public listing.

A Four-Day Pattern

Saturday’s transfer was not a one-off move because on Sept. 15, onchain sleuths flagged Matrixport depositing 1,400 BTC, then worth $107.8 million, into Binance while pulling 10,000 ETH ($24.67 million) off the same exchange. Moreover, it bears mentioning that the firm has run this play before, as in December last year, two Matrixport-linked wallets sent 4,000 BTC, about $347.56 million, to Binance while bitcoin’s price was struggling to win back $90,000.

As things stand, Binance’s bitcoin reserves have climbed above 693,000 BTC (as of early this month), their highest level in two years. Every new deposit adds to a supply pile that sits one click away from the order book.

Impact on Bitcoin’s Price

The timing of the entire episode has been a bit awkward for the bulls given bitcoin’s price ripped from the mid-$76,000s to $81,000 recently, even as $183 million (approx.) in short positions were wiped out in a single hour. That rally came at the end of a bruising week, one where the U.S. Senate failed to advance the CLARITY Act on Sept. 15, the Federal Reserve raised rates by 25 basis points just a day later, and the Bank of Japan hiked a day after that.

Analysts have flagged $81,700 to $83,000 as the next resistance zone, with the 365-day moving average parked near $81,700. An $81 million block landing on the largest exchange just below that ceiling is the kind of detail traders do not ignore.

However, whale deposits are only half of the flow picture. U.S. spot bitcoin exchange-traded funds (ETFs) took in $433 million on Sept. 18, led by Fidelity’s FBTC with $311 million and Blackrock’s IBIT with $108 million. That is more than double the value of both BIT transfers combined, and it followed a smaller $159 million inflow day on Sept. 17.

In terms of where BIT’s latest move leaves traders, three possible scenarios are most likely to play out:

If BIT’s coins hit the order book, bitcoin’s price could meet fresh supply right at the $81,700 to $83,000 zone.
If the deposits are for margin or client flows, the coins may sit idle on Binance and the headline risk fades.
If ETF demand holds near Friday’s pace, blocks of this size can be absorbed without much damage.

Either way, the address is public. Any further moves from bc1qsz will show up onchain before they show up in the price.