What is happening here?

[JustineCollins09]

https://www.blockchain.com/explorer/addresses/btc/1NDyJtNTjmwk5xPNhjgAMu4HDHigtobu1s

Over $650 billion worth of transactions with pennies in total over a million transactions? Can anyone tell me?

[1714539220]

1714539220

[1714539220]

1714539220

[1714539220]

1714539220

[1714539220]

1714539220

[Cantsay]

Mere searching the address on google I found a tweet that linked the address to binance.

Although the tweet was made in 2018 but I guess that should satisfy your curiosity as to why the address has moved that much bitcoin.


source

[Faisal2202]

Mere searching the address on google I found a tweet that linked the address to binance.

Although the tweet was made in 2018 but I guess that should satisfy your curiosity as to why the address has moved that much bitcoin.

I think OP never saw such a big amount of BTC in a single wallet, well my reaction was also the same when I first saw billions of dollars sitting in a single wallet, but I controlled my excitement and did not make any topic, I think OP thought, some illicit activity is going on here. Whatever the OP have thought, this post must have relaxed him.

I guess, when Binance made this tweet, there must be a fud ongoing about lower liquidity in Binance exchange and to prove the liquidity they have, they must have given these addresses. Binance has made a good reputations so far, and I sometimes wonder, how it falls into the authorities hands. (I do know the reason but showing the expression only).

[hosseinimr93]

As mentioned above by Cantsay, the address in question is owned by binance.
And it may worth mentioning that, binance is no longer using that address as their hot wallet address.

Binance hot wallet address is now bc1qm34lsc65zpw79lxes69zkqmk6ee3ewf0j77s3h.
JustineCollins09, this address has received 44 millions BTC. That's around 3 times the fund received by the address you mentioned.

[johnsaributua]

I am also still amazed by the transactions that occur on the blockchain even though at this time (2018) the price of Bitcoin is the best with ATH in its time, A fact that binance holds quite a lot of bitcoin and I think this is what makes binance's influence on crypto prices quite strong including bitcoin. The advantage is that binance still maintains good management so there is no negative effect on bitcoin even with some of the problems that have befallen binance in the past or even now, the trust of traders is also quite a lot of storing on binance for day trading. And P2p traders are also quite crowded there. Binance deserves to have that much bitcoin because its vision and efforts are strong if one day there is a decline in binance pana liquidity in my opinion it will easily rise because binance has a way so that people also want to store liquid voluntarily of course with high rewards.
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That much bitcoin is quite a lot for all time, because I personally only see or transaction at most around decimal BTC0.01 , maybe if I see coinbase or similar cex I will feel that bitcoin is so easy to hold especially since ancient times.

[Learn Bitcoin]

As you already know, the address belongs to Binance. You should not be surprised about such transactions because there are a few more addresses that may have too many transaction volumes. If you see a similar volume of transactions with other addresses, you have to understand that the address belongs to any kind of service like exchanges or other services.

Most services like Binance, Kucoin, and Coinbase have massive volumes of transactions every day. Now, if they operate a single address for a long time, it's not hard for them to perform a million transactions. When it comes to balance holding by exchanges, Only Binance holds more than 800K Bitcoin. But, most of them do not perform transactions anymore.

[Nrcewker]

This is nothing but normal I would say. These types of transactions happens a lot I would say. As I can see these are just the normal transactions that is made from one end to another. This is not something I think that needs to be talked. Yes the quantity only is large, and that’s again normal for me.

[hosseinimr93]

Only Binance holds more than 800K Bitcoin.

May I ask you where you got the 800K BTC from?
According to binance proof of reserves, they hold around 597K BTC.

It may worth mentioning that the balance reported by binance in their proof of reserves includes pegged tokens and if they are excluded, they hold around 563K BTC.

[blckhawk]

This is nothing but normal I would say. These types of transactions happens a lot I would say. As I can see these are just the normal transactions that is made from one end to another. This is not something I think that needs to be talked. Yes the quantity only is large, and that’s again normal for me.

Billions worth of bitcoin in one transaction isn't what I like to call a normal transaction, maybe if it's in small amounts and coming from different addresses then it's definitely normal but this one ain't it. They're probably moving it to a different wallet, only way that we can confirm things here is if we ask Binance directly what they're doing, they'll probably answer it in X if there's enough people asking the same questions.

[Learn Bitcoin]

May I ask you where you got the 800K BTC from?
According to binance proof of reserves, they hold around 597K BTC.

It may worth mentioning that the balance reported by binance in their proof of reserves includes pegged tokens and if they are excluded, they hold around 563K BTC.

You seem right indeed. I haven't checked their reserve lately. But when I created this thread Should we care about the Proof of Reserves of the Exchanges? Back in June 2023, at that time, I counted that they had almost 600K BTC in their holdings. I could be wrong though. I do not remember the exact amount. But I assume it was more than 600K BTC and All of them were On-Chain BTC. I did not count the wrapped BTC on other chains. So, I thought their reserve must have grown by 200K by now. But, it seems the reserve has decreased. Probably they have done some OTC deal with companies like Blackrock and others which ETF was approved lately.

[Bitcoin_Arena]

I did not count the wrapped BTC on other chains. So, I thought their reserve must have grown by 200K by now. But, it seems the reserve has decreased.

To be fair, Wrapped Bitcoins are not real Bitcoins 

[Life_Saving]

Such a large number of transactions with small amounts could indicate microtransactions. Microtransactions involve very small amounts of cryptocurrency and are often used for various purposes, such as testing, spamming, or distributing tokens.

[348Judah]

This is nothing but normal I would say. These types of transactions happens a lot I would say. As I can see these are just the normal transactions that is made from one end to another. This is not something I think that needs to be talked. Yes the quantity only is large, and that’s again normal for me.

Billions worth of bitcoin in one transaction isn't what I like to call a normal transaction, maybe if it's in small amounts and coming from different addresses then it's definitely normal but this one ain't it. They're probably moving it to a different wallet, only way that we can confirm things here is if we ask Binance directly what they're doing, they'll probably answer it in X if there's enough people asking the same questions.

what is normal and what is abnormal here, this is not the first time we will be seeing transactions in their gigantic amount and this is not the first time as well little amount will be sent and we see what's going on publicly since the blockchain is a public distributed ledger, we have the tenacity of seeing what's going on with any address on the blockchain, but if we look closely to some of these transactions, there might be reason for making them unknown to us.