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AltLayer Moves $19.8M in ALT Amidst Institutional Crypto Buying Spree
Generated by AI AgentCoin World
Thursday, Feb 6, 2025 6:01 am ET1min read
A new multi-signature address withdrew 399 million ALT from a CEX, equivalent to $19.82 million
According to BlockBeats News, a newly created multisig wallet withdrew 399 million ALT from Binance, worth approximately $19.82 million. The wallet address, 0xfea0a1c00ceb54f0ce7443d700f901f0a118cb53, is suspected to belong to AltLayer. Yesterday, the wallet withdrew 1000 ALT and burned them, suggesting a potential strategic move in the cryptocurrency market.
This significant transaction comes amidst a broader trend of institutional investors accumulating cryptocurrencies. Cumberland, an institutional trading firm, recently withdrew 62,381 ETH from exchanges and deposited it into Coinbase Prime, indicating a growing interest in Ethereum. Additionally, multiple addresses have collectively withdrawn approximately $18 million worth of WIF tokens from CEX in the past 24 hours, further highlighting the increasing activity in the cryptocurrency market.
As market dynamics shift, such actions by large entities could influence the price stabilization and overall market sentiment of ALT and other cryptocurrencies. Stakeholders and investors should monitor these developments closely as they may influence market dynamics and investor sentiment towards government-backed crypto initiatives.
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