Two Investment Giants' Ethereum Transactions on Binance Raised Suspicion: Are They Selling?
According to blockchain records, leading institutional companies in the cryptocurrency sector have started selling Ethereum (ETH). This may create selling pressure in the market.
According to information provided by the blockchain analysis platform Lookonchain, two popular institutional companies, Amber Group and Cumberland, sent large amounts of ETH to the Kraken and Binance exchanges.
$35 million Ethereum transfer
Amber Group deposited 6,443 Ethereum ($17.62 million) to the Kraken and Binance exchanges. Operating since 2017, Singapore-based Amber Group provides services in areas such as asset management, market making, investment consultancy and infrastructure.
A few hours after Amber Group, another giant name, Cumberland, sent 6,439 Ethereum ($17.66 million) to Binance, the world's largest cryptocurrency exchange. Cumberland works for DRW, a trading firm that has been in business for more than three decades.
It can create downward pressure
When companies like this send large amounts of coins to centralized exchanges, it can create volatility and bearish expectations in the markets. The transactions made by Amber Group and Cumberland have led to speculation that they may be selling ETH.
According to CoinGecko data, Ethereum is down 2.1 percent compared to Bitcoin, which fell 1.6 percent on a daily basis, and is trading at $2,683.
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