A massive 50,600 ETH, worth approximately $181 million, has flowed from HTX, where Justin Sun is an advisor, to Binance.
According to blockchain analyst EmberCN, the transfer follows a pattern where Ethereum (ETH) is redeemed from Aave by HTX Recovery wallet, moved to HTX hot wallet, then transferred to Binance.
The latest movement is part of a larger trend, with 160,600 ETH totaling $518 million flowing from HTX to Binance over the past week through the same mechanism.
The substantial outflows have raised questions about potential selling pressure on Ethereum markets.
Whale accumulation counters exchange outflows
Despite the HTX outflows, major investors continue accumulating Ethereum aggressively.
According to Lookonchain, SharpLink purchased another 4,904 ETH worth $17.45 million a few hours ago. This brings their total accumulation to 157,140 ETH valued at $493 million since July 1 at an average price of $3,136.
Another whale identified as 0x9684 withdrew 19,550 ETH worth $70.7 million from FalconX, completing 122,691 ETH in withdrawals totaling $443.68 million over the past week.
BlackRock has intensified its Ethereum purchases, buying 158,875 ETH worth $574 million yesterday alone.
The asset manager acquired 307,461 ETH valued at $1.11 billion over just two days, bringing total holdings to 2.46 million ETH worth $8.9 billion.
Market timing amid a 20% weekly surge
The transfer activity occurs as Ethereum has surged 20% over the past seven days, potentially creating profit-taking opportunities for large holders.
HTX’s systematic movement of funds through Aave redemptions and subsequent Binance transfers could mean preparation for market sales.
The timing of outflows during price strength suggests strategic positioning rather than distressed selling. Large-scale transfers to major exchanges, such as Binance, typically precede either selling activity or trading operations that require enhanced liquidity.
However, the simultaneous whale accumulation and institutional buying through BlackRock’s ETF create a competing market situation.
At press time, Ethereum is trading at $3,566, maintaining strength despite the large-scale exchange transfers.