Amber Group's Estimated Address Deposits $8.03M Worth of GRT to Binance
CryptoNewsTerminal Staff25 May, 2024
Amber Group's Estimated Address Deposits $8.03M Worth of GRT to Binance
On-chain analyst ai_9684xtpa reported via Twitter that an address tied to Amber Group had transferred 4,000,000 GRT tokens (worth $8.03 million) to Binance. The transaction occurred on February 21, 2023, and was flagged by the analyst as a potential sign of accumulation or trading activity by the large crypto market maker. Amber Group is a Hong Kong-based cryptocurrency firm that provides a range of services, including trading, lending, and custody. The firm has been actively involved in the GRT market, having previously announced a strategic partnership with The Graph, the company behind the GRT protocol. The Graph is a decentralized indexing protocol that enables efficient querying of blockchain data. GRT tokens are used to incentivize indexers who contribute to the network's data availability. The transfer of 4,000,000 GRT tokens to Binance could indicate that Amber Group is seeking to increase its exposure to the GRT market through either spot trading or staking. It is also possible that the firm is planning to distribute the tokens to its clients.
