Binance Moves Millions Of Ethereum (ETH) For Staking As BETH Depegs

According to Nansen, Binance recorded a negative netflow of $778.6 million Ethereum (ETH) over the past 24 hours, with $871.7 million inflow and $1.65 billion outflow. Over the past hour, netflow on Ethereum continues to be negative at $35.7 million, with $14.8 million inflow and $50.5 million outflow.

advertisement

Also Read: Crypto Industry Shows Unwavering Support For Binance Against US SEC, Poll Reveals

Binance Moves Over 41K Ethereum (ETH) For Staking

According to Kaiko, crypto exchange Binance’s version of staked ETH (BETH) to Ethereum (ETH) ratio fell to its lower since April. However, the trading volume jumped over 450% in the past 24 hours. It indicates massive redemption of BETH to ETH by investors after the US SEC filed a lawsuit against Binance and CEO “CZ.”

Image

Recommended Articles
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
crypto exchange affiliate programs
Best Crypto Exchange Affiliate Programs In 2023
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

Binance ETH staking (BETH) ratio fell to its lowest level of 0.993 relative to ETH. Typically, users can redeem BETH to ETH on a 1:1 basis and receive the amount equivalent to the redeemed BETH balance in their spot wallet.

Arkham noted Binance has moved large amounts of Ethereum (ETH) for staking in two transactions on June 6. Binance wallet (0x28C) moved 25,600 ETH worth $46.5 million to Binance: ETH Staking (0xF17) and 16,000 ETH worth $29 million from wallet address 0x969 to Binance: ETH Staking (0xF17).

Also Read: Whales Buying The Dip Amid Binance Crackdown By SEC; Analyst Predicts Bitcoin ATH in 2023

Binance Ecosystem Tokens Fell Hardly

Binance’s BNB price currently trades at $278, down 8% in the last 24 hours. The 24-hour low and high are $272 and $300, respectively.

Meanwhile, Binance ETH Staking (BETH) has recovered slightly but remains depegged to ETH. BETH price currently trades at $1,811, while ETH price is $1,813.

Also Read: Former SEC Chief Shares Who Will Win, US SEC Or Crypto Giant Binance?

Mooky Presale
Mooky Coin Presale
$MOOKY is a meme token which helps planting trees by donating to charity.
Visit Here
AD

Comments

Post a Comment

Popular posts from this blog

Commodities tilting toward ‘great reset;’ Expert analysis

Image
With the world in the midst of escalating geopolitical tensions and other strong influences, it is no surprise that commodities are feeling this effect as well, with the price of gold recently soaring to its all-time high (ATH), Bitcoin (BTC) growing 160% this year, while other commodities are dropping, suggesting a ‘ great reset .’ Indeed, according to the senior Bloomberg commodities expert Mike McGlone, commodities are tilting toward a great reset in which gold is rising, and most of its competitors are falling, with the “risk of that trajectory accelerating in 2024,” as he explained in an X post shared on December 27. Bloomberg Intelligence asset price data for 2023. Source: Mike McGlone Conditions for rebound Furthermore, as he added, there are certain factors that need to fall into place for a possible rebound of the commodities that have been trending downwards in 2023, unlike the price of gold and that of the flagship decentralized finance (DeFi) asset, Bitc...
Read more

US Authorities Crack Down on Alleged Cryptocurrency Fraud Involving Mango Markets and Avraham Eisenberg

Image
Source: SomYuZu US prosecutors have pressed criminal charges against a man accused of attempting to steal some $110 million last October by rigging crypto exchange Mango Markets, an entity run by the Mango decentralized autonomous organization (DAO). The individual is suspected of commodities fraud and manipulation.  A complaint signed by an FBI agent and made public in a Manhattan federal court accuses Avraham Eisenberg of performing trades in futures related to Mango's native token MNGO that allowed him to withdraw about $110 million worth of crypto from other investors' deposits without visible intention to repay the funds, Reuters reported.  The man was arrested on December 26 in Puerto Rico, U.S. Attorney Damian Williams said in a court filing. The December 23 complaint said that, last October, Eisenberg on used two accounts to buy and sell futures based on the relative values of MNGO and USD Coin (USDC). By acting on both sides of the trades, Eis...
Read more