He Yi: Most large transfers are from Binance cold wallets to new hot wallets.

Binance co-founder He Yi said on November 1 that most of the large transfers—transactions totaling hundreds of millions of dollars that had drawn attention on-chain—were movements from Binance cold wallets to a new Binance hot wallet, not whale activity. She made the clarification on X in response to a user, yurihanachan98, who asked which whales were behind the transfers after another user flagged the large outflows. The statement matters because large exchange wallet movements are often read by traders as signals of potential sell pressure or exchange stress, and misinterpretation can fuel market volatility. Observers will be watching whether Binance completes its wallet migration smoothly and whether any genuinely whale-driven flows emerge separately from the exchange's internal reshuffling.