In a significant move that has caught the attention of the cryptocurrency world, custody firm Ceffu has seized 3,123 Bitcoins worth approximately $181 million, according to a report by on-chain data provider Lookonchain. $57,974‘i (BTC) about 2 hours ago Binance This significant deposit has sparked discussions about potential market impacts, including the possibility of a large-scale sell-off.
Tens of Millions of Dollars Moved
Ceffu, a cryptocurrency custody company that has been quite active with the transactions it has made in its wallets since August 1, has transferred a total of 12,320 BTC (worth approximately $718.8 million) and 85,347 BTC to Binance. Ether (ETH) (worth $210 million) invested.
On the other hand, the company sold 515 million shares on the stock exchange in the same period. USD Coin (USDC) and 514 million units Tether (USDT) was withdrawn. While these large transactions did not go unnoticed, they raised questions about Ceffu’s trading strategies and intentions.
Formerly Known as Binance Custody
Before Binance Custody Ceffu, known as Ceffu, is a cryptocurrency custody service affiliated with Binance. It provides secure storage solutions for institutional clients, ensuring that large cryptocurrency holdings are kept safe. The recent influx of BTC from Ceffu to Binance suggests that significant trading activity may be on the horizon.
Market analysts emphasize that the movements on this side are important and that they should be closely monitored. Because the transfer of such a large amount of Bitcoin to a large exchange like Binance could lead to increased volatility in the market. If Ceffu decides to sell all or a significant portion of the assets it carries, the largest crypto moneymay exert downward pressure on the price of the underlying asset. However, if the deposits are for other purposes such as collateralization or strategic positioning, the market impact may be different.
The cryptocurrency market has been showing a recovery trend over the past few days, but such large transactions have the potential to disrupt this balance. BTC It is currently trading at $58,022, above the $58,000 threshold, down 0.52 percent in the last 24 hours. Market participants generally expect Bitcoin to hit $60,000.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
