Since the beginning of August, institutional investors have started selling large amounts of Bitcoin (BTC). According to a report by blockchain analysis platform Lookonchain, Ceffu was a notable name among these transactions.

According to Lookonchain’s data:

  • As of July 31, Ceffu transferred a total of 3,568 Bitcoin to the Binance exchange.

  • The value of this amount is calculated at approximately $211.6 million.

Ceffu, which launched in 2021, offers custody and liquidity services to institutional clients. Ki Young Ju, CEO of CryptoQuant, states that cryptocurrency transfers to centralized exchanges are generally for sales purposes.

Ceffu’s Latest Transactions and Assets

According to data from Arkham Intelligence:

  • As of 09:45 today, Ceffu transferred 121.1 Bitcoin to Binance.

  • The company has a total of $2.52 billion worth of cryptocurrencies in its wallet, including $1.02 billion worth of Bitcoin (BTC) and $480 million worth of Ethereum (ETH).

Ceffu and Binance Relationship

Ceffu’s relationship with Binance is still a matter of debate:

  • The company was founded in December 2021 under the name Binance Custody.

  • The US Securities and Exchange Commission (SEC) has suggested that the connection between Binance.US and Ceffu could lead to legal issues.

  • In February 2023, Binance Custody changed its name to Ceffu.

Although Ceffu claims that he has no more ties to Binance, the nature of the relationship is still unclear.

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