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COINTURK NEWS > Bitcoin (BTC) > Ceffu Transfers Significant Bitcoin to Binance, Sparking Market Speculation
Bitcoin (BTC)

Ceffu Transfers Significant Bitcoin to Binance, Sparking Market Speculation

In Brief

  • Ceffu transferred over $181 million in Bitcoin to Binance.

  • Market speculation arises from significant deposits and withdrawals by Ceffu.

  • Analysts warn of increased volatility in the cryptocurrency market.

Ömer Ergin
Ömer Ergin 8 months ago
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According to Lookonchain, a blockchain data provider, the custody company Ceffu made a notable move by transferring approximately 3,123 Bitcoin (BTC) $103,591, valued at around $181 million, to the Binance exchange about two hours ago. This substantial transaction has initiated discussions regarding potential market impacts, including the possibility of a large-scale sell-off.

Contents
Millions of Dollars in MotionFormerly Known as Binance Custody

Millions of Dollars in Motion

Since August 1st, Ceffu has been actively trading, depositing a total of 12,320 BTC (approximately $718.8 million) and 85,347 Ether (ETH) (valued at $210 million) into Binance. This significant influx of assets has raised eyebrows among market watchers.

During the same period, Ceffu withdrew 515 million USD Coin (USDC) and 514 million Tether (USDT) from the exchange. These large transactions have prompted questions about Ceffu’s trading strategies and intentions.

Formerly Known as Binance Custody

Ceffu, previously known as Binance Custody, provides secure storage solutions for institutional clients, ensuring the safety of large cryptocurrency assets. The recent flow of BTC from Ceffu to Binance suggests the possibility of significant trading activity on the horizon.

Market analysts emphasize the importance of monitoring these activities, as the transfer of such a large amount of Bitcoin to a major exchange like Binance can increase market volatility. If Ceffu decides to sell a significant portion of its holdings, it could exert downward pressure on Bitcoin’s price. Conversely, if the deposits serve other purposes, such as collateralization or strategic positioning, the market impact may differ.

The cryptocurrency market has shown signs of recovery in recent days; however, these large transactions have the potential to disrupt this balance. Currently, BTC is trading at $58,022, having decreased by 0.52% over the last 24 hours. Market participants generally express expectations for Bitcoin to reach the $60,000 mark.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 13 September, 2024 - 1:35 pm 13 September, 2024 - 1:35 pm
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