A FalconX deposit address has withdrawn 12,791 MKR ($16 million) from Binance in the past five days and hoarded it within FalconX, leading to speculations of institutional or market maker involvement.
Odaily Planet Daily News reports that a FalconX deposit address has withdrawn a significant 12,791 MKR tokens ($16 million) from Binance and stored them in FalconX over the past five days, as observed by on-chain analyst Ember. FalconX is a digital asset platform that serves institutions.
The recent activity could indicate involvement by an institution or a market maker. In the context of a16z's continuous transfer of cryptocurrencies to Coinbase, the MKR token price has experienced a continuous increase. However, it is not clear whether this withdrawal and subsequent increase in MKR are related or coincidental.