Speculation grows as Ceffu deposits nearly $1B BTC to Binance in three months
The post Speculation grows as Ceffu deposits nearly $1B BTC to Binance in three months appeared on BitcoinEthereumNews.com.
Ceffu, one of the biggest institutional custodians for Bitcoin (BTC), sent nearly $1B worth of coins in the past three months. Ceffu outflows to Binance coincided with other whale sales, often resulting in worsening BTC price drops. The Bitcoin and crypto custody service, Ceffu, has been transferring Bitcoin (BTC) to Binance in the past three months. The total potential sales are closing in on the $1B mark after the latest round of transfers. Ceffu holds more than $1.9B in overall assets even after the outward flows of BTC and Ethereum (ETH). Ceffu deposited another 1,347 BTC to Binance, bring up a total of 16,123 BTC in the past three months. Going by BTC market prices, the inflows are now above $950M, testing the market’s power to absorb selling. Ceffu also increased its USDC holdings, expanding to $104M equivalent after recent inflows. USDT in custody also increased in the past three months. Ceffu offers a mix of cold storage and prime wallets that combine cold storage with a hot wallet for fast asset movements. The Ceffu wallets now hold 9.748K BTC, breaking down below 10K coins just a day ago. One of the reasons for the series of deposits may be the expectation for a rapid price move. Sending the coins to Binance for trading may show readiness to trade more actively, or realize profits. Ceffu, formerly known as Binance Custody, is a closely tracked wallet. For some, it is a gauge to measure market sentiment. Overall, the inflows from Ceffu are easily absorbed, as other whales and institutional buyers continue their accumulation. Ceffu is also closely watched for its involvement with Binance US, which is prohibited from interacting with any entities related to Binance International. While Ceffu has claimed it is a separate entity from Binance and there is no…
Filed under: News - @ September 18, 2024 2:28 pm