Recent transfers of Ethereum from HTX to Binance have caught the attention of analysts and investors. This article examines the details of these transfers and their market impact.
Transfer Mechanism from HTX to Binance
The recent transfer of 50,600 ETH to Binance has been traced back to HTX, formerly known as Huobi, where Justin Sun serves as an advisor. Analysts have noted that the transactions follow a specific mechanism: Ethereum is first redeemed from Aave through the HTX Recovery wallet, then moves to the HTX hot wallet, before being sent to Binance.
> "6 小时前，5.06 万枚 ETH ($1.81 亿) 跟上次相同的方式，从 HTX 流入币安。 ETH 由 HTX Recovery 钱包从 Aave 赎回，然后转至 HTX 热钱包，再流入币安。 过去一周里，一共有 16.06 万枚 ETH ($5.18 亿) 以这种方式从 HTX 流入币安。" CITE_NA
These events have resulted in a total of 160,600 ETH, equivalent to approximately $518 million, being transferred from HTX to Binance over the past week.
Investor Purchases of Ethereum
Despite the outflows from HTX, investors continue to show confidence in Ethereum. Recently, there has been aggressive accumulation of this cryptocurrency. For example, BitMine Immersion Technologies recently purchased 300,657 ETH. At the time, 1 ETH was priced at $3,461.89. Currently, the price of Ethereum has risen to $3,786.10, representing a 6.5% increase over the past 24 hours. Additionally, SharpLink completed the purchase of 10,000 ETH for $25.7 million.
Current State of the Ethereum Market
Ethereum's performance over the past week has been commendable, especially after struggling around the $3,000 mark for several months. Now, it is nearing $4,000, having increased by 26% over the past seven days. Its market capitalization stands at $455.84 billion, gradually inching toward the critical $500 billion level. The 24-hour trading volume has reached $34.77 billion, marking a 3.54% increase, and the large-scale transfers have not deterred the coin's strength.
The Ethereum transfers from HTX to Binance highlight interesting trends in the cryptocurrency market. Despite significant outflows, investor confidence in Ethereum continues to grow, which may influence its future movement.
