On-chain data shows that Binance has facilitated large withdrawals of Ethereum (ETH) and Solana (SOL) in the past 24 hours, sparking speculation about the reasons behind this activity. Analysis reveals that the withdrawals were likely conducted by market maker Wintermute, which purchased the tokens from Binance's order books. Additionally, Binance reportedly sold around 25,000 ETH, causing the price of Ethereum to drop. This activity suggests that Binance may be either rebalancing its portfolio or preparing for upcoming market turbulence. The withdrawals could impact liquidity and trading volumes, leading to wider spreads and more pronounced price swings on the platform.



Other News from Today