Lookonchain, a service that monitors Bitcoin transactions, recently spotted a long-dormant Bitcoin holder—one who hadn’t moved their coins in eight months—transferring a large sum of BTC to Binance, the biggest cryptocurrency exchange.
$36.4 million in Bitcoin shoveled to Binance by crypto OG
Arkham Research and Lookonchain have revealed that a long-time Bitcoin holder, who hadn’t made any transactions for about eight months, recently transferred 500 Bitcoin to Binance, the largest cryptocurrency exchange.
An early Bitcoin wallet, identified as 1QLASn, transferred 500 Bitcoin (worth $36.39 million) to Binance two hours ago. This wallet hadn’t been used for eight months.
— Lookonchain (@lookonchain) March 5, 2026
As an analyst, I’ve been tracking a significant Bitcoin whale. Our data at Arkham shows this entity purchased roughly 950 BTC about eight months ago, likely around $100,000 each. Currently, the wallet holds 450 BTC. This recent activity suggests they’re either realizing profits after Bitcoin’s recent rise to $74,000, or they’re adjusting their portfolio following the 28% price drop since their initial purchase.
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Bitcoin outperforming stock market
Despite ongoing tensions in the Middle East causing major stock markets like the Nasdaq and S&P 500 to fall sharply, the world’s biggest cryptocurrency showed surprising stability earlier this week.
Bitcoin has held steady around $65,000, even as the stock market recently experienced a significant drop. However, Bitcoin has since recovered, briefly hitting $74,000 after a 9.48% jump in a single day, suggesting it’s no longer closely tied to stock performance. Currently, Bitcoin is trading at $72,629, and optimism about a potential resolution to the recent geopolitical conflict is growing. This positive outlook has also helped the stock market begin to recover.
According to crypto journalist Colin Wu, some of the biggest Bitcoin owners – including mining companies holding over $8 billion in Bitcoin – have started selling their cryptocurrency.
With Bitcoin’s price dropping over 40% from its high of around $126,000 last October, large Bitcoin mining companies – collectively holding over $8 billion in BTC – are increasingly selling off their holdings. This downturn differs from past ones, as these sales aren’t just covering basic operating costs…
— Wu Blockchain (@WuBlockchain) March 5, 2026
From where I’m looking at the market, companies building Bitcoin treasuries are still actively buying, signaling continued confidence in its long-term potential. We recently saw a significant purchase from MicroStrategy, led by Michael Saylor – they added 3,015 BTC for around $204.1 million. That brings their total holdings to an impressive 720,737 Bitcoin, currently valued at over $52.36 billion.
In a tweet that followed the purchase, Saylor announced that he was himself buying more Bitcoin.
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2026-03-05 14:41