Metalpha, a Hong Kong-based cryptocurrency investment firm, has executed another substantial Ethereum transfer, moving 10,000 ETH, valued at approximately $23 million, to Binance. This significant transaction is part of a series of movements by Metalpha over the past three days, where the company deposited a total of 23,589 ETH, or roughly $54.1 million, into Binance. These transactions come during a period of heightened volatility in the cryptocurrency market, sparking further interest among traders and analysts.
Metalpha’s transfer has raised eyebrows, especially given that the firm had withdrawn a large sum of Ethereum from decentralized finance (DeFi) platform Lido on September 6, where they retrieved 5,994 ETH, valued at $14.07 million. This quick turnaround, from withdrawal to deposit on a centralized exchange, signals the firm’s active strategy of moving assets amidst fluctuating market conditions.
