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On-chain data shows Binance has facilitated withdrawals for millions worth of ETH and SOL in the past 24 hours of trading, what could this mean? According to data from Arkham Intelligence, Binance’s holdings has seen a surge in activity in the past day of trading, specifically regarding its Ethereum (ETH) and Solana (SOL) holdings. The largest crypto exchange by daily trading volume has ignited a buzz in crypto trading discourse online when users detected major activity on Binance’s hot wallet. According to on-chain data, in the past few hours Binance’s hot wallet off-loaded at least 103,570 SOL, or equal to $16.32 million according to current market prices. In the past day, Solana has gone down by nearly 8%. SOL is currently trading hands at $157.58, slipping below $160 for the first time since October 2024. UPDATE: This post was updated from "selling" to "withdrawing" after further research.The withdrawals may be due to the market maker removing liquidity or buying $SOL from the order books — Solid Intel 📡 (@solidintel_x) February 24, 2025 You might also like: CZ and Yi He respond to ‘Binance being sold’ rumors Many traders mistook Binance’s hot wallet activities as the exchange selling its holdings through market maker Wintermute, when in fact an analyst on X pointed out that it was actually Wintermute withdrawing millions of Solana from Binance’s holdings. “As far as I understand it, this actually means that Wintermute is withdrawing SOL from the Binance Hot Wallet account, likely after purchasing it from the order books,” said Vini Barbosa, Editor for Finbold and AllianceDAO member in his recent post. On the other hand, Binance has also reportedly sold around 25,000 ETH between 8:00 AM and 10:00 AM UTC, with the selling price at the time being approximately $3,200 per ETH. This means the exchange has traded away $80 million of its Ethereum holdings. The token swaps were addressed mainly to Symbolic Capital Partners and Wintermute. Shortly after, Ethereum’s price dropped by 3.5%. At the time of writing, ETH has gone down by nearly 4% and is trading hands at $2,683. Another account, MartyParty, said Binance was “flushing” TRUMP (TRUMP) tokens, claiming the exchange sold 4.7% of their $1 billion-valued TRUMP holdings. However, it was later discovered that the exchange had not sold any TRUMP tokens, instead the value of their holdings plummeted from $1 billion to around $850 million due to the drop in TRUMP price by more than 7%. Read more: Wintermute aims to offer crypto products in the U.S. What could Binance’s token ‘sell-off’ mean? On one hand, it may mean that these tokens are in high demand as major market makers like Wintermute are withdrawing or staking tokens from Binance’s hot wallet, which means they are either removing liquidity or buying SOL and ETH from the order books. On the other hand, the fact that Binance is willing to part ways with these assets means the exchange could be rebalancing its portfolio. This means that Binance is adjusting exposure to certain assets, thus reducing risks associated with volatile tokens or preparing to reallocate their funds to more secure assets. As a result, investors and traders may interpret the move as an indication that Binance expects upcoming market turbulence, which could influence liquidity and trading volumes for the aforementioned tokens. This action might help prevent potential price manipulation or sharp drops during high-pressure periods. Moreover, removing millions in token value from Binance’s active trading environment can reduce liquidity. This reduction might lead to wider spread and more pronounced price swings on the platform, affecting overall market sentiment and potentially triggering further adjustments among other market participants. You might also like: Binance to delist AirDAO, Clover and others on Feb. 24

Babylon opens registration for airdrop from February 25 to March 15 Bitcoin staking protocol Babylon $BABY has announced on its website that registration for the Babylon airdrop started at 08:00 UTC on Feb. 25 and will remain open until 08:00 UTC on March 15. To participate, users must create a BABY address and link it to their Bitcoin $BTC wallet used for staking in order to receive the airdrop upon the launch of Babylon Genesis. Babylon Genesis, as the first BTC Secured Network (BSN), will manage security and liquidity coordination for future BSNs.

Bitcoin at a crossroads after breaking $90K support Bitcoin $BTC has fallen below the critical $90,000 support level, driven by internal factors like the Ethereum $ETH hacking incident and external pressures such as U.S. tariff policies and rising inflation, according to CryptoQuant contributor MAC_D. This decline places Bitcoin at a crucial turning point. A potential rebound could be fueled by two factors: the massive liquidation of long positions, with $245 million liquidated—the highest since November—leading to thinner order books that may trigger a price bounce, and the psychological support at $89,600, the average entry price of whales holding Bitcoin for less than six months. However, the broader market outlook remains uncertain. If selling pressure persists and Bitcoin fails to hold support, further declines could follow.

SEC Commissioner Hester Peirce aka ‘Crypto Mom’ has expressed openness to proposals for staking and exchange-traded products (ETPs) related to Ether (ETH). Commissioner Peirce, speaking during a recent interview with Yahoo Finance , acknowledged that the SEC has received a significant number of applications for ETPs and opened up about the agency’s willingness to consider them on a case-by-case basis. Commissioner Peirce confirmed that staking, a process where crypto assets are locked up to support the network and earn rewards, is something the SEC has discussed in internal meetings. “In terms of staking, that is something that people raised with us early on after these products went through, and it’s something that I’m open to,” she said. Staking is already common practice in other global markets, which has generated interest from U.S. crypto investors. With respect to Ethereum-based ETPs, Commissioner Peirce stated that the SEC is open to discussing options but emphasized the need for careful consideration of each proposal. Related: Canary Capital’s HBAR ETF: Nasdaq Filing Signals Approval Push The SEC is seeing an increasing number of applications for cryptocurrency-related products, which reflects the growing demand and innovation within the sector. However, the agency will evaluate these proposals based on their individual merits, ensuring thorough consideration of any potential risks involved. Additionally, Commissioner Peirce touched on the broader regulatory landscape, including the new executive order that requires independent agencies like the SEC to submit major regulations for review. This statement comes on the heels of Franklin Templeton filing an application with the U.S. Securities and Exchange Commission (SEC) for a Solana ETF with staking capabilities. The ETF filing details how Franklin Templeton would manage staking activities, controlling the staking process and rewards. Related: Litecoin Retail Adoption and Network Growth Surge on ETF News According to the filing , the firm plans to use trusted staking providers, possibly including its affiliates, with the rewards earned classified as income. While several staking ETF proposals were withdrawn in 2024 due to regulatory concerns, the SEC’s new Crypto Task Force is actively trying to balance innovation with regulation in 2025. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Strike CEO Drops Bombshell: Trump Eyeing US Bitcoin Reserve on Day One via Executive Order This week, Jack Mallers, the CEO and founder of Strike, dished on President-elect Donald Trump’s plan to establish a strategic bitcoin reserve on his very first day in office via an executive order. Jack Mallers Stuns Timcast Host Tim Pool The buzz around a strategic bitcoin reserve for the U.S. has picked up steam lately, especially with new laws and nods from politicians. One standout proposal is from U.S. Senator Cynthia Lummis with her Bitcoin Act of 2024. This bill recommends that the U.S. Treasury and Federal Reserve snap up 200,000 bitcoins each year for five years, leading to a stash of one million bitcoins, which would make up approximately 5% of the world’s bitcoin hoard. On Timcast, the show run by American commentator and journalist Tim Pool, Strike’s founder Jack Mallers discussed Trump‘s plan to .