Summary
- Trend Research said the amount of Ethereum (ETH) moved to Binance over the past six days totals about 1.24 trillion won.
- Transfers by a large holder to a centralized exchange are interpreted as selling pressure, and it noted that the Ethereum price fell about 10% over the period.
- Only 31,301 ETH remains in wallets linked to Trend Research, worth about $64.8 million, while Ethereum is trading around $2,040 on a short-term rebound.
Trend Research has transferred more than 1 trillion won worth of Ethereum (ETH) to global crypto exchange Binance over the past six days, data showed.
According to on-chain data analytics platform OnchainLens on the 6th (local time), Trend Research sent a total of 431,864 ETH to Binance over the past 24 hours. Over the past six days, cumulative transfers to Binance reached 620,452 ETH, worth about 1.24 trillion won.
Large holders moving crypto assets from private wallets to centralized exchanges is typically interpreted as a preparatory step for selling. Analysts note that when trillion-won-scale inflows hit exchanges over a short period, it can translate into significant selling pressure on the market. Indeed, Ethereum’s price fell about 10% over the six days during which Trend Research made the large transfers to Binance.
After the sizable transfers, only a limited amount of Ethereum remains in wallets linked to Trend Research. OnchainLens said, “The Ethereum remaining at the address is 31,301 ETH, worth just about $64.8 million.”
Meanwhile, Ethereum appears to be staging a short-term rebound. In Binance’s Tether (USDT) market, Ethereum is trading around $2,040, up 9.3% from the previous day.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
![[Analysis] "Bankruptcy fears around Strategy are spreading…concerns somewhat overstated"](https://media.bloomingbit.io/PROD/news/ca8aa06b-c04b-4831-b878-608bd90bdd3d.webp?w=250)
