U.Today - There has been a surprising on-chain movement that has got crypto observers paying attention. A total of 600 BTC - worth about $50,603,597 - was transferred to Binance in one go, and the community wondered where it came from and what it is all about. Whale Alert picked up on the transaction, which came from an unknown wallet, and the community started talking about it.

Blockchain data shows that the Bitcoin (BTC) came from a wallet connected to BIT.com (Matrixport), a centralized exchange with over $101 million in total assets.

The transaction moved a total of 699.9999949 BTC, split between two outputs: A total of 600 BTC were sent to Binance, and the rest, about 99.9999949 BTC, went back to the Matrixport wallet it came from. The fee for executing the transfer was minimal — just 0.0000051 BTC, or roughly $0.43.

At the time of the transaction, Matrixport had about 1.197K BTC, which is about $101.03 million at a market price of $84,422 per coin. This suggests that the transfer did not use up a lot of their reserves. But moving such a major amount to Binance has got the trading community wondering. It usually sees moves like this as a sign that someone is selling.

So far, there have not been any more transfers from the receiving Binance address. But since this 600 BTC deposit went straight to a known exchange wallet, there is still a chance it was part of a planned market move.

There is no obvious sign of shady activity or unusual market movement from the transaction, but the size and timing of the transfer have made it a hot topic on the market. For now, the Bitcoin is still in Binance’s hands, and there is no on-chain sign of where it is going or if it is being moved internally.

This article was originally published on U.Today