Binance Withdraws $118M Worth Of Crypto From Newly Created Wallet

(CTN News) – New wallets have been created on the centralized exchange Binance which have amassed staggering amounts of both cryptocurrencies.

According to the latest update from EmberCN, an on-chain tracker, this new wallet has recently been withdrawn over 7K ETH (Ethereum) and 9K USDT (Tether) by the owner of the wallet, and this has sparked a wave of speculation and discussion within the cryptocurrency community.

In the following article, we will take a closer look at the Binance wallet’s on-chain data, which is raising eyebrows across the broader crypto industry at present.

Can Justin Sun be linked to a new wallet?

As a result, speculations about what the wallet’s potential identity might be have already swirled into a frenzy that has been taking crypto investors and traders by storm.

Previously, it has been noted that the TRON founder Justin Sun has been accumulating such staggering amounts of ETH and USDT from Binance, and some crypto market participants have whispered that he is also the owner of this accumulation.

The latest maneuver appears to have aligned with previous patterns observed in February and April, when addresses linked to Sun Ge engaged in similar behavior at the same time. There is, however, no concrete proof that can be provided to prove that the same is true.

In the meantime, the exact amount Binance withdrawn by the wallet totals 7,402 ETH, which is equal to $23.03 million in USDT, and 95.67 million in ETH. In addition, this accumulation of cryptocurrencies highlights a growing interest among investors in digital assets, a trend that reflects the burgeoning adoption of cryptocurrencies globally.

Price of ETH jumps by a significant amount

Currently, Binance Ethereum is trading at $3,149.15 as of the time of writing. The price has risen by 0.08% in the past 24 hours and is currently trading at $3,149.15. This is an interesting development in that the token’s substantial bearish movement today coincides with the massive sell-off in the crypto markets.

Moreover, extensive charts suggest that the Binance token is currently consolidating somewhere near the $3.1K mark, with the above-mentioned accumulation hinting at a rising price action for the token in the near future. Among investors, this has further echoed a buzz that has been circulating.

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