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Ethereum Transfers From Justin Sun-linked HTX to Binance
A recent transfer of 50,600 ETH to Binance has been traced to HTX, formerly Huobi, where Justin Sun is serving as an advisor. Based on the current market price, the massive holding is valued at approximately $181 million.
Patterned Ethereum Transfers From HTX to Binance
Market observers have noticed an interesting mechanism that the involved entities have been using to complete transfers. Blockchain analyst EmberCN has noted a pattern where Ethereum is first redeemed from Aave by HTX Recovery wallet, followed by a transfer to HTX hot wallet, and then a transfer to Binance.
The recently reported 50,600 ETH transfer followed a similar pattern and is therefore seen as part of a larger trend
Over the past week, up to 160,600 ETH, equivalent to $518 million, flowed from HTX to Binance through the exact mechanism. Ethereum investors are beginning to get concerned about potential selling pressure.
Investors Launch Aggressive Ethereum Purchase
Despite the outflows from HTX, investors have demonstrated confidence in Ethereum’s prospects. There is an aggressive accumulation of the largest altcoin by market capitalization amongst these investors. Barely three days ago, BitMine Immersion Technologies purchased 300,657 ETH.
At the time, 1 unit of ETH had a market price of $3,461.89. Fast forward to the present day, the ETH price has moved higher, trading at $3,786.10 after gaining 6.5% within the last 24 hours
This values the purchase of the Bitcoin-focused technology company at $1.13 billion. SharpLink also completed the purchase of 10,000 ETH in exchange for $25.7 million with the Ethereum Foundation
Ethereum Performance and Outlook
Ethereum’s performance this past week is worth applauding, mainly because the altcoin has struggled for several months to cross past $3,000
All of a sudden, it is nearing $4,000 and may even hit a more notable high this new week. According to CoinMarketCap data, the ETH price has increased by approximately 26% over the last seven days.
Its market capitalization looks good at $455.84 billion, gradually inching towards the key $500 billion level. ETH’s 24-hour trading volume has reached $34.77 billion, marking a 3.54% increase. The large-scale transfer has not stopped the coin from maintaining its strength.
The post Ethereum Transfers From Justin Sun-linked HTX to Binance appeared first on TheCoinrise.com.