Binance's $250.9 Million Tether USDt Transfer Leads $628.3 Million in Crypto Moves

Binance accounted for the largest of five crypto transfers totaling $628.3 million on Oct. 26, as exchange outflows dominated a three-hour window ending at 8:04 a.m. ET.

A transfer of 251,114,730 Tether USDt (USDT), valued at $250.9 million, moved from Binance to an unknown wallet at 5:18 a.m. ET. It was the largest transaction in the group.

Two more transfers left Binance at 6:06 a.m. ET: 65,067 Ether (ETH) worth $151.9 million and 679,208 Solana (SOL) worth $69.0 million. Coinbase Institutional sent 645 Bitcoin (BTC), valued at $51.9 million, to an unknown wallet at 6:33 a.m. ET.

Together, the four transfers from exchanges to unknown wallets were valued at $523.8 million. None of the five transactions moved from an unknown wallet into an exchange.

The remaining transfer moved 1,300 BTC worth $104.5 million between two unknown wallets at 7:03 a.m. ET. It accounted for the difference between the exchange outflows and the $628.3 million total. The transfers do not establish why the holders moved the assets.

A separate three-hour window on Oct. 23 included $1.95 billion in large crypto transfers.