[DigitalToday reporter Jinju Hong (홍진주)] Bitcoin is again trying to break above $65,000 as 500 million USDT moved from a Binance hot wallet to a Tether treasury wallet. A large stablecoin transfer was spotted, but the market appears to interpret it as a technical reallocation of funds rather than a liquidity outflow, keeping the upward move intact.

On July 30 (local time), blockchain outlet U.Today reported that on-chain tracking service Whale Alert spotted a transaction in which 500 million USDT was transferred from a Binance wallet to an address managed by the Tether treasury wallet.

The transaction came as Bitcoin showed a short-term rebound and neared $65,000. On a Bitstamp spot basis, Bitcoin rose as high as $64,964 intraday, putting the psychological resistance level of $65,000 within reach.

In general, stablecoins flowing into exchanges are often interpreted as funds waiting to buy. By contrast, when funds move from an exchange to a Tether treasury wallet like this, it can superficially appear that exchange liquidity has declined. Whale Alert also made the transaction public, saying, "500 million USDT was transferred from Binance to the Tether treasury."

The market, however, did not take the move as a sell signal. The industry is placing weight on the possibility that Binance returned excess supply on the Ethereum-based ERC-20 network to Tether, then sought to receive the same amount of USDT again on another network that is faster and has lower fees as part of a technical adjustment. This is seen as part of an operating process to respond to margin trading demand on the exchange.

Technical indicators also suggested the possibility of a short-term rebound. On a recent 5-minute BTC/USD chart, a key area of concentrated trading volume (POC) formed around $64,102, and Bitcoin rebounded after using that level as support. The relative strength index (RSI) also recovered from an oversold zone below 20 into a neutral 40 to 60 range, indicating easing selling pressure and a return of short-term buying momentum.

In fact, the rise in Bitcoin did not waver much even after the large USDT transfer. The market absorbed the transaction without major volatility, and Bitcoin maintained its upward flow near the top of a short-term range. U.Today also assessed that "a large USDT withdrawal did not slow the current price increase."

The market is focused on whether Bitcoin can break above the psychological resistance of $65,000 and hold there. Interpretations are also expected to continue over whether the fund movement between Binance and Tether is a simple network switch or an operational adjustment that reflects exchange liquidity and margin demand.