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Bitcoin worth $3.25 billion moved to known Binance wallet as coin breaches $8000 mark again

Akash Anand



Bitcoin worth $3.25 billion moved to known Binance wallet as coin skirts the $8000 line
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, has had a remarkable run-up since the start of the year, growing by more than 100 percent since January. This increase in price and market cap has also been one of the reasons why the ecosystem has become more active, thanks to more developments and involvement from users of the ecosystem.

In a recent tweet, it was also revealed that BTC’s surge had resulted in a lot of cryptocurrencies being moved to multiple wallets and exchanges. This pattern was not an isolated incident however, as reports of massive movements have become a norm since the bear market ended.

There was a series of large Bitcoin transfers in block 580237 for a total transfer of 496,261.034 BTC. This accounted for 2.8 percent of the total circulating supply. What surprised users however, was the fact that out of all the transactions, seven transactions accounting for 407,357 BTC were sent to a known Binance wallet.

Although transfers are common in the cryptocurrency space, this specific set of transactions was called out by @Rptr45 who asked,

“Does @cz_binance care to comment on this? That’s a lot of $BTC to be moving around it looks like some of it was recirculated between a couple of connected addresses.”

This transfer was also noted by Alex Kruger, a popular cryptocurrency trader and economist, who pointed out the “massive amount of Bitcoin on the move.” The community sentiment about the transfer however was split, with some thinking that the transfer was just normal and didn’t really lead anywhere.

Lex van der Werff, a cryptocurrency enthusiast, commented,

“Spoiler: it’s how bitcoin works. Can’t spend your $50 bill on something worth $10 if you don’t get $40 back.Why they used multiple large UTXO’s to supply their hot wallet with fresh BTC instead of just one, I don’t know.”

Binance’s impact on the cryptocurrency space has been quite significant, with the exchange’s Binance Coin surging by over 5 percent, along with other altcoins like Litecoin and Cardano.

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ErisX goes all hands on deck to launch a Bitcoin Futures market




ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.

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