Binance Moves Millions Of Ethereum (ETH) For Staking As BETH Depegs

The world’s largest crypto exchange Binance is moving Ethereum (ETH) worth millions for staking as Binance’s BETH price fell after the U.S. Securities and Exchange Commission (SEC) filed 13 charges for violating securities laws.

According to Nansen, Binance recorded a negative netflow of $778.6 million Ethereum (ETH) over the past 24 hours, with $871.7 million inflow and $1.65 billion outflow. Over the past hour, netflow on Ethereum continues to be negative at $35.7 million, with $14.8 million inflow and $50.5 million outflow.

Also Read: Crypto Industry Shows Unwavering Support For Binance Against US SEC, Poll Reveals

Binance Moves Over 41K Ethereum (ETH) For Staking

According to Kaiko, crypto exchange Binance’s version of staked ETH (BETH) to Ethereum (ETH) ratio fell to its lower since April. However, the trading volume jumped over 450% in the past 24 hours. It indicates massive redemption of BETH to ETH by investors after the US SEC filed a lawsuit against Binance and CEO “CZ.”

Binance ETH staking (BETH) ratio fell to its lowest level of 0.993 relative to ETH. Typically, users can redeem BETH to ETH on a 1:1 basis and receive the amount equivalent to the redeemed BETH balance in their spot wallet.

Arkham noted Binance has moved large amounts of Ethereum (ETH) for staking in two transactions on June 6. Binance wallet (0x28C) moved 25,600 ETH worth $46.5 million to Binance: ETH Staking (0xF17) and 16,000 ETH worth $29 million from wallet address 0x969 to Binance: ETH Staking (0xF17).

Also Read: Whales Buying The Dip Amid Binance Crackdown By SEC; Analyst Predicts Bitcoin ATH in 2023

Binance Ecosystem Tokens Fell Hardly

Binance’s BNB price currently trades at $278, down 8% in the last 24 hours. The 24-hour low and high are $272 and $300, respectively.

Meanwhile, Binance ETH Staking (BETH) has recovered slightly but remains depegged to ETH. BETH price currently trades at $1,811, while ETH price is $1,813.

Also Read: Former SEC Chief Shares Who Will Win, US SEC Or Crypto Giant Binance?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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