As the chart above illustrates, a large transfer transaction occurred on April 25 at block #893894, in which 25,177 BTC, worth over $2.35 billion at the time, was transferred from one of the exchange's known wallets.
CryptoQuant analyst Maartunn explains that such large transfers "are very important to monitor as this scale can affect market perception of traders and liquidity on exchanges."
User X quickly commented below the post, with some speculating that whales have withdrawn most of their BTC holdings from the world's largest centralized exchange to cold wallets. There may be some merit to this claim as whales have recently been accumulating in large amounts.
However, others bring fears to the market by suggesting that Binance may have fallen victim to a hack similar to, or even larger than, the Bybit hack earlier this year.
CryptoQuant's analysis quickly dismissed both arguments, pointing out that this move is very likely an internal transfer.
"Although the scale of the transaction raises many questions, all evidence suggests that this is an internal move rather than a user withdrawal."
Maartunn notes that this confirmation will be clearly reflected in Binance's proof of reserves report, expected to be released on May 1. However, as of the time of the press report, this report has not yet been published.
However, it seems there is no real reason to worry, at least with the information currently available. The price of BTC has largely remained unaffected by the transfer, as it has actually increased by several thousand dollars since April 25.