A significant Bitcoin ($BTC) movement has been observed in the crypto market. Ceffu, a custody and liquidity solutions provider firm has been depositing $BTC to Binance since 31st July 2024. As per data shared by Lookonchain, a crypto analytical firm, Ceffu has transferred a total of 3,568 $BTC worth approximately $211.6 million.
Ceffu has deposited 3,568 $BTC($211.6M) to #Binance since July 31.#Ceffu provides custody and liquidity solutions for institutions, which means it is likely that institutions are selling $BTC. pic.twitter.com/Q9mLFMmC0z
— Lookonchain (@lookonchain) August 19, 2024
Ceffu has transferred these Bitcoins in 10 different transactions since 31st July. Ceffu has transferred a significant portion of its $BTC holding to Binance. This major deposit is driving speculation in the crypto market about the price of Bitcoin and institutional trends toward $BTC holdings.
A Significant $BTC Movement Fuels Different Speculations in The Crypto Market
This major deposit of $BTC to Binance, Ceffu fuels different speculations in the crypto market i.e., the motive of transfer, price fluctuations or $BTC liquidation. It is word of mouth in the crypto market that Ceffu might be liquidating its Bitcoin holding.
Depositing BTC to Binance institutions are releasing their Bitcoin holdings, and this indicates the institutional increasing selling pressure on Bitcoin. Moreover, it has become the social chatter that $BTC might face a significant price dip in the coming time.
Ceffu’s $BTC Transfer Sparks Fear of Institutional Selling and Potential Market Dip
The Major transfer of Ceffu’s $BTC to Binance has touched the community’s sentiment. It has become the social chatter that Ceffu’s major movement of Bitcoin might affect its rate and $BTC might face a major price dip. Therefore, Ceffu is releasing $BTC off its Bitcoin holding.
This has created a bit of a chaotic situation, $BTC only belongs to institutions and not to individual clients. Because the Institution’s actions directly influence Bitcoin’s price value. As 3,568 BTC transferred to Binance by Ceffu hints at potential institutional selling. Additionally, it also predicts the possible bearish trends in the crypto market in the coming time.
