"Trend Research makes additional deposit of 35,000 Ethereum to Binance…cumulative transfers reach 138,000"
Summary
- Trend Research reportedly sent an additional 35,000 ETH to Binance, involving transfers worth about $80.85 million.
- Trend Research’s cumulative ETH moved to Binance stands at 138,588 ETH (about $319.35 million).
- OnchainLens said the transfers were intended for selling and loan repayment, and the market is interpreting the rise in exchange deposits as a near-term headwind for supply and demand.
Forecast Trend Report by Period
Trend Research, which is reportedly sitting on substantial investment losses from its Ethereum (ETH) positions, is said to have made another large deposit of Ethereum.
According to OnchainLens, an on-chain analytics account, Trend Research recently transferred an additional 35,000 ETH to Binance. The amount is worth about $80.85 million.
With this deposit, the total amount of Ethereum Trend Research has moved to Binance increased to 138,588 ETH, equivalent to roughly $319.35 million. OnchainLens said the transfers were intended for selling and loan repayment.
The market is focusing on the fact that a large amount of Ethereum is flowing into exchanges over a short period. In general, rising exchange deposits are interpreted as increasing potential selling pressure and could weigh on near-term supply-demand dynamics, according to market assessments.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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