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

According to a recent report published by Lookonchain, a large ETH transaction has been made to Binance today. This X account has spotted a massive Ethereum transfer targeting Binance.

It also revealed that the wallet that conducted this transfer may be connected to a large crypto asset managing firm that has been in the market for 10 years already.

7,798 ETH sent to Binance by anonymous whale

Lookonchain shared that the wallet, which has sent a staggering amount of Ethereum (7,798 ETH worth $25 million) to Binance, could be linked to Fenbushi Capital — a major crypto asset management firm founded in 2015.

The analytics account stressed that the 7,798 ETH had been staked for two years and was now withdrawn to be sent to Binance, most likely to be sold.

Notably, this big crypto transfer took place as the second-largest cryptocurrency, Ethereum, experienced a sudden price crash of 4.5% earlier today, crashing from $3,360 to the $3,220 zone, where ETH is changing hands at press time.

A week ago, ETH surged by almost 8%, increasing from $3,080 to the $3,330 level. Between then and today, Ethereum was trading sideways, moving in that price range.

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In particular, the bellwether crypto, Bitcoin, has led the way, with a total of $1.55 billion in investment inflows. Ethereum and Solana received $496 million and $45 million, respectively. XRP has attracted $69.5 million.

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In light of the news, silver has renewed its all-time high, soaring to $94 per ounce. The crypto community seems to be watching this price surge attentively, while Bitcoin has been unable to hit a new historic price peak yet. Still, a CryptoQuant analyst believes that behind the BTC rebound stands “the recovery of real buying demand in the spot market.”