Binance Whale Ceffu Deposits $182M BTC Since Last Week, Signaling Institutional Sell-Off
CryptoNewsTerminal Staff04 Sep, 2024
Binance Whale Ceffu Deposits $182M BTC Since Last Week, Signaling Institutional Sell-Off
On-chain data analytics provider Lookonchain has revealed that Binance's custody platform, Ceffu, has transferred a staggering 3063 BTC (approximately $182 million) to Binance since August 26, 2022. This significant influx of BTC into Binance's custody platform suggests that institutions may be unloading their Bitcoin holdings. The timing of these deposits coincides with a period of uncertainty in the crypto market, with major cryptocurrencies like Bitcoin experiencing significant volatility. The possibility of institutions selling their BTC could further contribute to market instability and downward price movements. It is important to note that the reasons behind these large BTC deposits may vary and further analysis is needed to draw any conclusive inferences. However, this development highlights the role of on-chain analytics in providing insights into the behavior of large market participants and its potential impact on the crypto market.
