On-chain analytics platform Lookonchain tracked Elwood Technologies' large ETH deposits and withdrawals to and from Binance on July 11. Addresses associated with Elwood deposited 26,811 ETH (approximately $83 million) to Binance in the last three days. They also withdrew 24,463 ETH (approximately $76 million) from the exchange in the last two days. 🕵️‍♂️

Some responses characterized this as bullish, while others called it market manipulation. Elwood Technologies was founded by billionaire Alan Howard, co-founder of hedge fund Brevan Howard.

At the same time, investment bank Standard Chartered is reportedly considering a partial acquisition of Elwood Capital, a subsidiary of Elwood Technologies that offers crypto OTC services.

The question is, does this signal greater ETH selling pressure? Or are there other plans from Elwood Technologies? Come on, give your opinion in the comments column! 😄

Source: CryptoPotato