7,798 ETH Transferred to Binance After Two-Year Staking: Who's Behind It?

A significant Ethereum transfer of 7,798 ETH, valued at approximately $25 million, has been reported going to Binance after being staked for two years. This large transaction is suspected to be linked to Fenbushi Capital, a well-known crypto asset management firm. This transfer coincided with a price dip for Ethereum, which dropped about 4.5% today.

Key Takeaways

A wallet potentially associated with Fenbushi Capital sent 7,798 ETH to Binance.
The Ethereum was staked for two years before this transfer.
Ethereum experienced a price drop of 4.5% earlier today.
Bitcoin saw the largest inflow into digital asset investment products, totaling $1.55 billion.

7,798 ETH Moved to Binance After Two-Year Staking, Here's Who May Stand Behind This

Major Ethereum Transfer to Binance

A recent report from Lookonchain highlights a noteworthy Ethereum transaction. This transfer involved a substantial amount of ETH directed towards Binance today. Analytics from Lookonchain suggest that the wallet initiating this transfer may be tied to Fenbushi Capital, a prominent crypto asset management firm with a decade of experience in the market.

According to the report, the wallet transferred an impressive 7,798 ETH—equivalent to about $25 million—to Binance. This ETH had been staked for two years and is likely being pulled out to sell on the exchange.

7,798 ETH Transferred

Market Impact

Interestingly, this significant transaction occurred when Ethereum, the second-largest cryptocurrency, faced a substantial price drop of 4.5%. The price fell from $3,360 to around $3,220. At the moment, Ethereum is trading at approximately this lower range.

Just a week earlier, Ethereum had seen a remarkable increase of nearly 8%, climbing from $3,080 to about $3,330. Following this week of growth, ETH had been trading sideways within these price levels.

Insights from Other Players in the Crypto Market

In a related development, CoinShares released a weekly report indicating a significant shift in the investment landscape for digital assets. For the first time since last October, investment products tied to digital assets observed substantial inflows, with Bitcoin leading at $1.55 billion. Inflows for Ethereum and Solana amounted to $496 million and $45 million, respectively, while XRP attracted $69.5 million.

Amidst new trade tariffs imposed by the U.S. on Europe, Bitcoin experienced a decline of 3.12%, dropping from $95,460 to $92,490, but had since rebounded to $93,180.

Bitcoin Market Performance

A Change in Market Dynamics for Bitcoin

“The recent Bitcoin rebound is not driven by leverage but rather reflects a healthy increase in genuine buying demand within the spot market,” noted COINDREAM.

As silver prices have spiked to an all-time high of $94 per ounce, the crypto community is closely monitoring these developments. Meanwhile, Bitcoin has yet to reach a new historic price peak. Nevertheless, analysts believe the recent recovery in Bitcoin's price is being driven by real demand.