Did A Massive Bitcoin And Ethereum Sell-Off By Binance Trigger The Market Crash? Crypto Exchange Responds
Concerns have arisen in the crypto community regarding Binance's alleged selloff of significant amounts of Bitcoin and Ethereum, first highlighted by market participant AB Kuai.Dong. The crypto market has faced volatility, with Bitcoin dropping to $92,000 on February 3 and struggling to recover, currently hovering around $95,000. Ethereum also fell below $2,470 during this period. On-chain data indicates a drastic 94.1% reduction in Binance's Bitcoin holdings and a 99.9% drop in Ethereum holdings from January to February. Other assets like BNB and Solana also saw significant declines. AB Kuai.Dong noted that much of the sold crypto was past revenue, converted into USDC. Binance responded to these allegations, stating the changes were due to internal accounting adjustments and assuring users that their funds are secure. Currently, Bitcoin is trading at $95,740, and Ethereum at $2,600.
