Billions of USD worth of crypto transfers appear between wallets on Binance exchange

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2022-08-21 03:17:52

Recent multi-billion dollar transactions involving Binance exchange wallets may have been one of the factors driving market sentiment.

Announcement from cryptocurrency exchange Binance

Two cryptocurrency transfers of “huge” volume have been discovered involving the wallet of exchange Binance. One transaction amounted to 2.37 billion USDT between two Binance cold wallets and another amounted to 1.49 million ETH (~$2.3 billion) with the destination being the Binance 8 wallet.

Both transactions are recorded on the network-specific blockchain lookup engine TRON (TronScan) and Ethereum (Etherscan) respectively.

$2.58 billion ETH transaction of Binance 8 wallet recorded on Etherscan
Transactions worth $2.37 billion of Binance wallets recorded on TronScan

The motive behind these two transactions is still unknown. The standout factor, however, was the transfer time, which occurred after Binance resolved the withdrawal suspension at 3:20 PM (UTC) on August 17. Binance said that due to a technical issue with the service provider, withdrawals have been halted.

For the remaining ETH transaction, can be used for the upcoming Ethereum Merge event in September 2022. Analysts at Genesis, one of the leading crypto lenders in the market, say they have seen consensus on a specific strategy wherein traders would hold spot, hedge ETH. in futures contracts and borrow Ether during the Consolidation.

Therefore, since the exchange offers such products to investors, they also need to own a large amount of ETH for this purpose. This argument makes sense given the current institutional action on ETH. It seems that most think that ETH price will be extremely optimistic when The Merge takes place.

Two transactions with a value of up to billions of dollars have caused strong sentiment in the crypto market, especially in the context that things have not fully recovered from the many crises since the beginning of 2022. This can be considered as one of the factors affecting BTC flash dump on the afternoon of August 19 Yesterday, Bitcoin price reached 20,800 USD, ETH nearly touched 1,700 USD, most of the market was in a strong decline.

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