A large amount of altcoins were transferred from exchange wallets after Binance stopped withdrawals on August 17. The striking element is that the transfers came after the transactions were suspended. Here are the details…
Huge altcoin transfers from Binance wallets
Chinese cryptocurrency researcher Wu Blockchain has identified massive cryptocurrency fund transfers involving Binance wallets. 2.37 billion USDT transferred between two Binance cold wallets. In another transaction, 1.49 million ETH was transferred to another Binance wallet. Wu Blockchain recently shared its transaction records on Twitter.
Binance organized wallets involving huge fund transfers, transferring 2.37 billion USDT between two TRON cold wallets, and transferring 1.49 million ETH to the Binance 8 wallet.
trc20-USDT: https://t.co/KnJr6FAXPv
ETH: https://t.co/wC2EfjnnLa— Wu Blockchain (@WuBlockchain) August 18, 2022
Transactions are verified via TronScan and EtherScan. The reason for the transfer is still unclear at this time. However, it is surprising that it happened after Binance corrected its temporary withdrawal suspension decision. At 10:00 am on August 17, Binance reported that withdrawals were halted due to technical issue with the service provider. According to Wu Blockchain, the important transfer is related to the previous freeze.
Binance, the world’s largest cryptocurrency exchange, suspended withdrawals on Wednesday morning. According to Binance, the freeze decision is due to a technical issue involving third-party providers of many networks. A subsequent tweet revealed that the team was able to fix it in under an hour.
What do massive Ethereum transactions mean
Large-scale ETH transfers before the Merge event will not be surprising. Genesis, one of the largest crypto lending platforms, says it sees consensus on a specific approach where investors will store it on the Ethereum Blockchain, insure against it with ETH futures, and borrow Ether during the merger. Glassnode experts claim that institutional capital is used in the futures and options markets, noting that the merge is “pretty complexly positioned in the market.”
As you follow on Kriptokoin.com, an Ethereum wallet that has been dormant since the ICO recently became active again. Devana wallet transferred large amounts of ETH to anonymous wallets. A total of 5,000 ETH has been transferred to different wallets. After being idle for more than three years, the Ethereum Genesis ICO big whale has moved more than 145,000 ETH in a single day.
Altcoin investors are developing their strategies to manage the volatility that will occur as the merge takes place.
The long-awaited transition of the Ethereum network to PoS will take place from September 15-16. Meanwhile, investors’ first strategy is to simply buy Ethereum on the spot market. There is also the possibility that ETH PoW tokens will not be pumped and discharged immediately. Many analysts talk about the risk of centralization in a PoS Ethereum network. Since the volatility will be high in the merger period, it is necessary to pay attention to leveraged positions.
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