Striking element remains timing of transfers
Big crypto fund Transfers linked to Binance Wallet have been observed. A large transfer of 2.37 billion USDT between the two Binance cold wallets and another large transfer of 1.49 million ETH went to the Binance 8 wallet.
Both transactions are evidenced on Tronscan and Etherscan, respectively. The reason and motive behind the transfer are as yet unknown. The striking element remains the timing of the transfer, which occurred after Binance resolved its temporary suspension of withdrawals.
On August 17th at 7:00 am UTC, Binance said that due to a technical issue with the service provider, withdrawals were suspended. Woo Blockchain speculates that the huge transfer was linked to an earlier freeze. He wrote:
Not sure if the huge sum of money is related to this matter.
On Wednesday morning, cryptocurrency exchange Binance announced a temporary suspension of withdrawals. According to Binance, the suspension was caused by a technical issue with third-party providers across multiple networks.
The crew was able to resolve it in under one hour, according to a follow-up tweet.
Massive ETH Transfers
There are massive ETH transfers happening ahead of the merge event. Analysts at Genesis, one of the largest cryptocurrency lenders, said they saw consensus with a specific strategy where traders would keep ether on-chain, hedge with ether futures and borrow ether during merge transitions.
According to Glassnode’s experts, institutional capital is being deployed on futures and options markets, suggesting that there is “relatively sophisticated market positioning” for the Merge.
As reported by U.Today, an Ethereum wallet that has been dormant since the ICO of the second largest network in the market has reactivated and moved a large amount of ETH to a list of unmarked wallets. The entire amount was split into 5,000 ETH per wallet.
The Ethereum Genesis ICO giant whale, which had earlier been dormant for nearly three years, shifted a total of over 145,000 ETH within 24 hours.
