Two major Ethereum transfers totaling approximately $189.54 million have been executed between cryptocurrency exchanges Binance and Bitfinex, indicating heightened institutional engagement in the crypto market.
The first transaction involved transferring 23,321 ETH (approximately $82.64 million) from Binance’s institutional custody platform Ceffu to Binance’s exchange. Shortly afterward, investment firm Abraxas Capital deposited 30,600 ETH (valued at $106.9 million) into Bitfinex within 18 hours.
Collectively moving 53,921 ETH, these transactions underscore strategic institutional positioning and liquidity management. Such substantial transfers between major exchanges typically signal market participant sentiment and potential shifts in trading dynamics.