On-chain data shows that Binance has facilitated return to Eth and SOL worth millions of price in the last 24 hours of business, what can it mean?
As data From Arkham Intelligence, Benance’s holdings have seen an increase in activity in the previous day of trading, especially about its atherium (ETH) and Solana (Sol) holdings. The largest Crypto Exchange by the daily trading volume has ignited a discussion in the Crypto trading discourse online when users discovered the major activity on the hot wallet of Benance.
According to on-chain data, the hot wallet off-loaded of Binenns in the last few hours is equivalent to at least 103,570 souls, or the current market prices to $ 16.32 million. In the previous day, Solana has reduced by about 8%. Sol is currently trading at $ 157.58 to slip below $ 160 for the first time since October 2024.
Many traders exchanged Benance’s hot wallet activities as selling their holdings through market manufacturer, when an analyst actually said that it was actually withdrawing millions from the holdings of Benance.
“As far as I understand this, it really means taking back to Sol from the Vinance Binense Hot Wallet Account, after purchasing it from order books,” Finbold and AlienDo member editor Vinnary Barbosa has his own Recently said. Post,
On the other hand, Benance has allegedly sold around 25,000 ETHs between 8:00 am to 10:00 am UTC, at that time the selling price was around $ 3,200 per ETH. This means that the exchange has done a business of $ 80 million of its atherium holdings. The token swap was mainly addressed to the symbolic capital partners and vintormut.
Shortly thereafter, the price of atherium declined by 3.5%. At the time of writing, Eth is down by about 4% and is trading at $ 2,683.
Another account, Martiparthi stated that Benance Trump (Trump) was “flushing” to the token, claiming that the exchange sold 4.7% of its $ 1 billion-valuable trump holdings.
However, it was later discovered that the exchange had not sold any trump tokens, instead the value of their holdings ranged from $ 1 billion to Trump to about $ 850 million.
What can be the meaning of ‘cell-off’ token token?
On the one hand, this may mean that these tokens are in high demand because major market manufacturers like Vinarmute are withdrawing or staking tokens from the hot wallet of Benance, which means that they are either removing liquidity. Or are buying soul and ath from order books.
On the other hand, the fact is that the banns is ready to participate with these assets, which means that the exchange can rearom its portfolio. This means that the binance is adjusting the risk for some assets, thus reducing the risks associated with volatile tokens or preparing to recover their money for more secure assets.
Consequently, investors and traders can interpret this step as a sign that the Benance expects upcoming market disturbance, which can affect liquidity and trading volume for the above tokens. This action can help prevent potential value manipulation or sharp drops during high pressure periods.
In addition, removing millions of tokens from the active trading environment of binance can reduce liquidity. This deficiency can cause wide spread on the platform and more obvious value swings, affecting the overall market spirit and further adjustment between other market participants can be triggered.
