Ceffu, Binance’s institutional custody partner, has once again deposited a substantial amount of Bitcoin (BTC) to Binance. This time, 1,347 BTC, valued at approximately $81.25 million, was transferred just a few hours ago as per lookonchain.
Ceffu deposited 1,347 $BTC($81.25M) to #Binance again 1 hour ago!
Ceffu has deposited 16,123 $BTC($952M) to #Binance at an average price of $59,043 in the past 3 months.https://t.co/yObVfoTVqz pic.twitter.com/uRJPCj0C9j
— Lookonchain (@lookonchain) September 18, 2024
This latest deposit continues a pattern of heavy Bitcoin from the custody partner to Binance over the past few months.
Ceffu’s Past Transactions
This deposit is not an isolated event, in the past 24 hours, Ceffu has deposited 28,865 Ethereum (ETH) worth $66.74 million, and 450 BTC, worth $26.5 million, into the Binance exchange.
At press time, Bitcoin is trading at $59,893.45 levels with a nominal 1.1% gain despite a bullish rally observed early in the day.
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Over the past three months, the company has transferred a huge amount into Binance approximately totaling to 16,123 BTC which is worth $952 million.
In fact, Binance’s custody partner has deposited over 7,600 BTC to Binance in the past month alone with a total value of $448 million. This level of activity is not only significant for Binance but also has implications for the boarder crypto market. The implications include increased volatility and influence on the market sentiment.
Such large-scale transactions are contributing to Binance’s liquidity pool but also raise questions about their underlying strategy. Are these transactions part of a long-term holding plan, or is the custody holder preparing for a big sell-off?
While the modus operandi remains unclear, one thing is certain, the investors and analysts are closely watching Ceffu’s next moves, which could significantly impact the cryptocurrency platform.
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