According to LookOnChain, Ceffu has deposited 28,865 $ETH ($66.74M) and 450 $BTC ($26.5M) to Binance in the past 24 hours. With this deposit, Ceffu currently holds 10,737 $BTC ($628M) and 178,687 $ETH ($411M).
Ceffu deposited 28,865 $ETH($66.74M) and 450 $BTC($26.5M) to #Binance in the past 24 hours.#Ceffu currently holds 10,737 $BTC($628M) and 178,687 $ETH($411M).https://t.co/omUqldVuGf pic.twitter.com/x5CHrIzikq
— Lookonchain (@lookonchain) September 17, 2024
Ceffu is an institutional digital asset platform offering custody and liquidity solutions to secure, manage, and utilize your crypto assets efficiently. Ceffu has devoted its operational and technological resources to growing a compliant and audited institutional-grade infrastructure that addresses the ever-growing needs of global clients, large financial services firms, institutional investors, and crypto-native firms.
Price Impact of Ceffu’s Deposits on BTC & ETH
The large transaction of 28,865 Ethereum and 450 Bitcoin from Ceffu to Binance may help change the cryptocurrency market’s course. A huge transfer of assets to a trading platform such as Binance could indicate selling pressure, which may cause a short-term price drop for both BTC and ETH.
Traders and market participants can track the large wallet movement and the transfer of this amount might lead to reactions to the expectations of future trades. The increased supply usually makes the traders worried about liquidity, and this causes the volatility of the market as the traders respond to the situation.
In the longer term, the market’s reaction will be highly determined by what Ceffu intends to do. If the deposit is for strategic trades or liquidation, it may lead to a major sell-off and hence price developments.
However, if the assets are aimed at other activities, for instance, staking or transfers between wallets, it may not necessarily be that significant. However, such movements indicate that other institutional players, such as Ceffu, are gradually playing a critical role in determining the market trends.