Ramazan Eles 
Institutional investors have been selling substantial amounts of Bitcoin (BTC) since early August. Blockchain analytics platform Lookonchain reports that Ceffu has deposited a total of 3,568 Bitcoin, valued at $211.6 million, to Binance exchange since July 31.
Ceffu, which began operations in 2021, provides custody and liquidity services for corporate entities. According to Ki Young Ju, CEO of blockchain firm CryptoQuant, deposits of cryptocurrency to centralized exchanges often indicate selling intentions.
The Lookonchain team suggests that Ceffu’s BTC transfers to Binance since the beginning of this month likely indicate institutional selling of Bitcoin.
Arkham Intelligence records show that Ceffu’s most recent deposit to Binance was 121.1 Bitcoin, made today at around 09:45. The company’s wallet currently holds:
Total crypto assets worth $2.52 billion
$1.02 billion in BTC
$480 million in Ethereum (ETH)
Various other cryptocurrencies
The Binance Connection Mystery
Ceffu, established in December 2021, initially entered the market as Binance Custody. The U.S. Securities and Exchange Commission (SEC) has suggested that the connection between Binance.US and Ceffu may violate regulations.
In February 2023, Binance Custody rebranded as Ceffu. Despite the company’s claims of no longer being associated with Binance, the relationship between Ceffu and Binance remains unclear.
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