Ethereum Market Movements: Hype and Reality in the Crypto Payroll
Recently, 50,600 ETH were sent to Binance, and it all goes back to HTX, formerly known as Huobi, where Justin Sun is an advisor. For reference, at the current market price, that reserve is worth around $181 million. People have noticed that ETH is first redeemed from Aave by HTX's recovery wallet, then sent to HTX's hot wallet, and finally to Binance.
In the past week, a total of 160,600 ETH, or $518 million, have been channeled from HTX to Binance in this manner. Naturally, this has made some Ethereum investors nervous, as large transfers tend to shake up the market.
