Did A Massive Bitcoin And Ethereum Sell-Off By Binance Trigger The Market Crash? Crypto Exchange Responds
The cryptocurrency community has been concerned about Binance’s recent activity recently, claiming that the exchange has uninstalled a large number of Bitcoin and Ethereum. Binance sell-off trends first appeared on the social media platform X as market participant known as AB Kuai.dong (@_forab) pointed out that he noted that cryptocurrency exchanges are allegedly selling their bitcoin and Ethereum holdings.
Did Binance trigger a market crash?
The crypto market has Suffered from two weeks of turmoilBitcoin is in Series Center Price crashed. Bitcoin fell to February 3 and began to fall to $92,000. Although the brief recovery has brought BTC to $98,000 on February 11, the momentum has proven to be short-lived. Bitcoin has Since working hard to restore momentum And hovering around $95,000.
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Not surprisingly, the price collapse of Bitcoin rippled across the market, dragging on other cryptocurrencies. On the same day, Bitcoin hit local lows, Ethereum is below $2,470.
As Notice ab kai.dong, binance It may have led to an economic downturn. Data shows that holdings of cryptocurrency addresses owned by second-hand stocks have dropped sharply in recent days. In particular, AB Kuai.Dong noted that Binance allegedly sold a large portion of its cryptocurrency, which spanned Bitcoin, Ethereum, Solana, BNB and some stable stakes.
Data on the chain suggests that between January and February, the continued Bitcoin holdings of binary fell sharply by 94.1%. Ethereum outflow was even more extreme, with balances falling by 99.9% during the same period. BNB, Solana and Tether USDT also decreased by 16.6%, 99% and 99.9%.
Interestingly, AB Kuai.Dong pointed out that these assets are mainly revenue generated by the platform rather than user funds. He also noted that most of the cryptocurrencies sold have been converted to USDC, an increase of 57.5% in Binance’s wallet.
Binance responds to market crash accusations
AB Kuai.Dong quickly gained attention on cryptocurrency traders and investors’ X, especially those looking for explanations for the recent decline in Bitcoin and Ethereum prices. As the world’s largest crypto exchange, Main sale Induction will be one of the worst things that happen to cryptocurrencies involved.
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However, Binance quickly resolved the issue, firmly denied that it had sold any assets. In the official statement of X Exchange clarification All observed is only the internal accounting adjustment within the binary Ministry of Finance. Therefore, binary assures users that their funds remain as secure as ever.
At the time of writing, Bitcoin is trading at $95,740, down 2.6% in the past 24 hours. Ethereum is trading at $2,600, down 4.2% over the past 24 hours.
Featured images from Unsplash, charts from TradingView.com
