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Justin Sun sends $500m ETH to Binance — Whales buy the dip.
A massive 50,600 ETH, worth approximately $181 million, has flowed from HTX, where Justin Sun is an advisor, to Binance.
According to blockchain analyst EmberCN, the transfer follows a pattern where Ethereum is redeemed from Aave by HTX Recovery wallet, moved to HTX hot wallet, then transferred to Binance.
The latest movement is part of a larger trend, with 160,600 ETH totaling $518 million flowing from HTX to Binance over the past week through the same mechanism.
The substantial outflows have raised questions about potential selling pressure on Ethereum markets.
Whale accumulation counters exchange outflows
Despite the HTX outflows, major investors continue accumulating Ethereum aggressively.
According to Lookonchain, SharpLink purchased another 4,904 ETH worth $17.45 million a few hours ago. This brings their total accumulation to 157,140 ETH valued at $493 million since July 1 at an average price of $3,136.
Another whale identified as 0x9684 withdrew 19,550 ETH worth $70.7 million from FalconX, completing 122,691 ETH in withdrawals totaling $443.68 million over the past week.
BlackRock has intensified its Ethereum purchases, buying 158,875 ETH worth $574 million yesterday alone.
The asset manager acquired 307,461 ETH valued at $1.11 billion over just two days, bringing total holdings to 2.46 million ETH worth $8.9 billion.#CryptoMarket4T #GENIUSAct #ETHBreakout3.5k #AltcoinSeasonLoading $ETH