Binance Deposit by Hong Kong Asset Manager Metalpha Triggers ETH Price Dip
CryptoNewsTerminal Staff06 Sep, 2024
Binance Deposit by Hong Kong Asset Manager Metalpha Triggers ETH Price Dip
Metalpha, a renowned digital asset manager based in Hong Kong, recently made a significant transaction involving the transfer of 5,500 ETH (approximately $12.9 million) to Binance, a leading cryptocurrency exchange. This transaction was identified by Lookonchain, an on-chain data analytics provider, which traced an initial withdrawal of 5,994 ETH ($14.07 million) from Lido (LDO) by an address allegedly linked to Metalpha. Subsequently, 5,500 ETH from this amount was deposited on Binance. Following this deposit, the price of ETH experienced a noticeable decline of 2.3%. This highlights the potential impact of large-scale transactions on the volatility of cryptocurrency markets. Metalpha's decision to move a substantial portion of its ETH holdings to Binance could suggest a shift in its investment strategy or a response to market conditions. However, the exact reasons behind this transaction remain unknown at this time.
