Whale moves $1.35B in Ethereum to Binance, raising sell-off concerns as exchange reserves hit new highs

A crypto whale transferred 577,896 ETH worth $1.35 billion to Binance over four days, sparking fears of a potential Ethereum sell-off. This move coincides with increased ETH deposits by institutions like BlackRock and Fidelity into Coinbase, pushing total ETH reserves on exchanges from 14.36 million to 14.95 million since early May. Binance now holds about 24.6% of all centralized exchange ETH, heightening concerns about liquidation pressure. While these transfers don't guarantee immediate sales, the rising exchange reserves suggest a possible supply overhang that could impact Ethereum's price.