Arca Withdraws $8.28 Million in BNB, PENDLE, and LDO to Binance

IconCryptoNewsTerminal Staff24 Jul, 2024

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Arca Withdraws $8.28 Million in BNB, PENDLE, and LDO to Binance

Arca, a crypto investment fund, has withdrawn $8.28 million worth of BNB, PENDLE, and LDO from Binance over the past five days, according to on-chain analyst AI (@ai_9684xtpa). The same address had previously withdrawn these assets from Binance two weeks ago. The withdrawals come at a time when the price of all three assets has been falling. Binance Coin (BNB) has dropped by 10% in the past week, while the price of PENDLE and LDO have fallen by 30% and 40%, respectively. It is not clear why Arca is withdrawing these assets from Binance. It is possible that the fund is rotating its portfolio or that it is looking to take profits on its previous trades. Whatever the reason, the withdrawals are likely to have a negative impact on the price of all three assets.

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