Metaalpha Deposits $59.49 Million in ETH into Binance
CryptoNewsTerminal Staff22 Aug, 2024
Metaalpha Deposits $59.49 Million in ETH into Binance
Metaalpha, a Hong Kong digital asset management firm, has deposited $59.49 million worth of ETH into Binance, according to an on-chain analyst. The analyst, known as ai_9684xtpa, reported the transaction through a Twitter post. He revealed that the Metaalpha address had withdrawn 22,822 ETH from Lido (LDO) and Aave (AAVE) before depositing it into Binance. The transaction marks a significant amount of ETH flowing into Binance. The address has now deposited a total of 27,322 ETH ($71.09 million) to Binance, at an average price of $2,602. It is important to note that Metaalpha has not officially commented on the transaction. The reasons behind the deposit are still unknown. However, some speculate that it could be related to a recent surge in demand for ETH on Binance. Binance has recently announced plans to support the upcoming Ethereum Shanghai upgrade. This could be a potential reason behind the increase in ETH deposits on the exchange.
