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A whale wallet known as qianbaidu.eth deposited 25.75 million USDT to Binance and withdrew 7,500 ETH worth about $20.5 million over 30 minutes, according to on-chain analytics firm Hupzy, formerly Spot On Chain.
A CoinNess analysis said the move appears to reflect active accumulation rather than a simple asset transfer, as the stablecoins were converted into spot ETH and then moved to a self-custodied wallet. Lower ETH supply on exchanges can also reduce sell-side liquidity, the analysis added.