According to LookOnChain, Ceffu has Withdrawn over $1 billion in USDC and USDT from Binance in the last 45 days. On the other hand, it just today deposited over 3183 $BTC, equivalent to $181 million to Binance.
Ceffu deposited 3,123 $BTC($181M) to #Binance 20 minutes ago, possibly to dump!Since August 1, #Ceffu has deposited 12,320 $BTC($718.8M) and 85,347 $ETH($210M) to #Binance, then withdrew 515M $USDC and 514M $USDT from #Binance.https://t.co/yObVfoTVqz pic.twitter.com/5MsmMGbVAQ
— Lookonchain (@lookonchain) September 13, 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, the likes of large financial services firms, institutional investors, and crypto-native firms.
Price Impact of Ceffu’s Deposits on BTC
Based on market sentiment, the large BTC deposit made by Ceffu to Binance may result in any of the following effects on the price of Bitcoin:
If, however, the deposit is then followed by a large sell-off, this could cause a temporary dip in the cost of Bitcoin as there are suddenly more BTCs available on the market than buyers. The news of such a large potential sell-off may spook traders, and more people may start selling their positions, which would, in turn, put pressure of sale on the price. It might lead to an increase in volatility as the price may shift more frequently in response to this transfer.
Even if the BTC is not immediately sold, the notion of selling could dampen market sentiment and deter buyers due to FOMO and decrease the market price. Sellers who believe the price will fall may open short positions and escalate a downtrend.
