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Just-In: Binance Moves Millions Of Ethereum (ETH) For Staking As BETH Depegs

Binance ETH staking (BETH) depegs to Ethereum (ETH). Binance staking ETH worth millions to repeg its BETH token.
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Just-In: Binance Moves Millions Of Ethereum (ETH) For Staking As BETH Depegs

The world’s largest crypto exchange Binance is moving Ethereum (ETH) worth millions for staking as Binance’s BETH price fell after the U.S. Securities and Exchange Commission (SEC) filed 13 charges for violating securities laws.

According to Nansen, Binance recorded a negative netflow of $778.6 million Ethereum (ETH) over the past 24 hours, with $871.7 million inflow and $1.65 billion outflow. Over the past hour, netflow on Ethereum continues to be negative at $35.7 million, with $14.8 million inflow and $50.5 million outflow.

Also Read: Crypto Industry Shows Unwavering Support For Binance Against US SEC, Poll Reveals

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Binance Moves Over 41K Ethereum (ETH) For Staking

According to Kaiko, crypto exchange Binance’s version of staked ETH (BETH) to Ethereum (ETH) ratio fell to its lower since April. However, the trading volume jumped over 450% in the past 24 hours. It indicates massive redemption of BETH to ETH by investors after the US SEC filed a lawsuit against Binance and CEO “CZ.”

Binance ETH staking (BETH) ratio fell to its lowest level of 0.993 relative to ETH. Typically, users can redeem BETH to ETH on a 1:1 basis and receive the amount equivalent to the redeemed BETH balance in their spot wallet.

Arkham noted Binance has moved large amounts of Ethereum (ETH) for staking in two transactions on June 6. Binance wallet (0x28C) moved 25,600 ETH worth $46.5 million to Binance: ETH Staking (0xF17) and 16,000 ETH worth $29 million from wallet address 0x969 to Binance: ETH Staking (0xF17).

Also Read: Whales Buying The Dip Amid Binance Crackdown By SEC; Analyst Predicts Bitcoin ATH in 2023

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Binance Ecosystem Tokens Fell Hardly

Binance’s BNB price currently trades at $278, down 8% in the last 24 hours. The 24-hour low and high are $272 and $300, respectively.

Meanwhile, Binance ETH Staking (BETH) has recovered slightly but remains depegged to ETH. BETH price currently trades at $1,811, while ETH price is $1,813.

Also Read: Former SEC Chief Shares Who Will Win, US SEC Or Crypto Giant Binance?

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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