A wallet associated with BIT, the company formerly known as Matrixport, has transferred a further 1,000 BTC, valued at $81.06 million, to Binance.
The transaction took place early on Saturday, according to blockchain tracker Lookonchain, and represents the second major deposit from the wallet to Binance this week. The address begins with “bc1qsz” and its movements can be monitored through its Arkham page.
The wallet is suspected to be connected to BIT, which rebranded from Matrixport in March this year. The Singapore-based company was founded in 2019 by former Bitmain executives. It currently manages more than $6 billion in assets and processes more than $7 billion in monthly trading volume.
BIT is also considering opportunities in U.S. capital markets, including the possibility of a public listing.
The latest transfer follows a separate transaction identified on 15 September. On that occasion, on-chain investigators reported that a Matrixport-linked wallet deposited 1,400 BTC, then worth $107.8 million, into Binance while withdrawing 10,000 ETH, valued at $24.67 million, from the exchange.
The company has made similar moves before. In December last year, two wallets linked to Matrixport transferred 4,000 BTC, worth about $347.56 million at the time, to Binance while bitcoin was struggling to regain the $90,000 level.
Binance held more than 693,000 BTC by early this month, its highest reserve level in two years. Further deposits increase the amount of bitcoin held close to the exchange’s order book, where it could potentially be traded.
The transfers come as bitcoin has climbed from the mid-$76,000s to about $81,000. During that rise, roughly $183 million in short positions were liquidated in a single hour.
Bitcoin’s advance followed a difficult week for financial markets. The U.S. Senate failed to advance the CLARITY Act on 15 September, the Federal Reserve increased interest rates by 25 basis points the following day, and the Bank of Japan raised rates one day later.
Analysts have identified a resistance area between $81,700 and $83,000, with the 365-day moving average positioned close to $81,700. The arrival of an $81 million bitcoin transfer at Binance, just below that level, is therefore being closely watched by traders.
However, exchange deposits are only part of the market’s flow data. U.S. spot bitcoin exchange-traded funds recorded $433 million in inflows on 18 September. Fidelity’s FBTC accounted for $311 million, while BlackRock’s IBIT attracted $108 million.
That combined inflow was more than double the value of BIT’s two transfers this week. It followed a smaller inflow of $159 million on 17 September.
Bitcoin moved above $81,000 on Friday, reaching an intraday high of $81,238 before settling at about $80,800, with a market capitalisation of $1.62 trillion. Further activity from the publicly visible “bc1qsz” address will be recorded on-chain.
