ETH Dump: Users Panic As Whale Sends 90K ETH to Binance in 24 Hours

A cryptocurrency address suspected to belong to the ARB Foundation, a non-profit organization reaching out to those struggling with depression, recently transferred a significant amount of ETH to the Binance crypto exchange, striking fears of a potential $ETH dump among the crypto community.

$ETH dumping?????

8 hours ago, a wallet (may belong to #ARB_Foundation) deposited 60k ETH (~$150.33M) to #Binance.

Within 24 hours, he deposited totally 90k $ETH (~$226.02M) to BINANCE

— The Data Nerd (@OnchainDataNerd) September 1, 2024

The Data Nerd, an acclaimed onchain tracker on X, noted the wallet deposited 60,000 ETH, equivalent to $150.33 million, on Binance in the last hours of the ultimate day in August. According to the onchain tracker, the recent ETH deposit increased the total amount the address transferred to Binance to 90,000 ETH, worth approximately $226.02 million.

The onchain tracker, among other crypto community members, thinks the ARB Foundation is preparing to sell off its ETH holdings by transferring them to Binance, a centralized exchange (CEX). Typically, crypto users holding large tokens prefer…

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