Corporate Ethereum Whale Surprised with Binance Transaction: He Deposited and Withdrew Both!

Elwood, a company that provides cryptocurrency services for corporates, attracted attention with its Ethereum (ETH) transactions.

According to data transferred by on-chain analysis platform Lookonchain, Elwood took action again for Ethereum on Tuesday, July 11.

The data revealed that the corporate company transferred 26,811 ETH worth $54.9 million to the cryptocurrency exchange Binance in the last 3 days.

Are they buying or selling?

In parallel with these transactions, which were suggested to be sales-oriented, attention was paid to different transfers. According to LookOnchain, another address associated with Elwood withdrew 24,463 ETH from Binance, worth $75.88 million, in the last 2 days.

It was confusing that the company made both deposits and withdrawals to Binance, specifically Ethereum.

According to CoinGecko data, Ethereum, which has increased by 1% in the last 24 hours, is traded at $ 3,090 at the time of writing.