Is this for going long on coin-based trading, or is it to dump the market?

Matrixport associated address deposited 12,300 ETH to Binance, worth about 31.8 million USD

According to monitoring by The Data Nerd, 2 hours ago, a Matrixport associated address transferred 12,323 ETH to Binance Exchange, worth about 31.8 million USD. $ETH