According to on-chain analytics firm Hupzy (formerly Spot On Chain), a whale address known as 'qianbaidu.eth' deposited 25.75 million USDT into Binance and withdrew 7,500 ETH (approximately $20.5 million) over 30 minutes. Hupzy analyzed, “This appears to be an active accumulation rather than a simple asset transfer, as stablecoins were converted into spot ETH and then moved to a self-custody wallet. A decrease in ETH supply within exchanges reduces sell-side liquidity.”
