Giant Company Continues to Pressure Ethereum: Binance Turns to Selling!

Metalpha, a Hong Kong-based asset manager affiliated with Bitmain, has deposited a new load of Ethereum into Binance.

According to information shared by on-chain analysis platform Lookonchain on Twitter on September 12, Metalpha transferred 6,999 Ethereum to Binance, the world's largest cryptocurrency exchange. The company in question had previously deposited Ethereum into Binance many times, causing pressure on the price. The company made the last transfer 2 days ago.

There is $120 Million More

The one made today was worth approximately $16.4 million. Metalpha, which sent a total of 62,588 Ethereum to the platform in the last 6 days, made a giant transfer of $145.1 million during this process. The market value of the 23,500 Ethereum that the company currently holds is approximately $55 million.

According to CoinGecko data, a decrease in the price of Ethereum was observed, although it is not known whether it was related to the transfer. Ethereum is up 2.4% in the last 24 hours and is trading at $2,340 at the time of writing.