The price of Ethereum (ETH) is down nearly 5% on media reports of a large transfer of the digital token to the Binance exchange.
Ethereum’s price declined to $1,170 U.S., according to data from CoinDesk, as an unnamed investor moved 73,224 Ethereum coins worth $85.67 million U.S. to the Binance exchange during Asian trading hours.
Investors typically transfer cryptocurrencies to centralized exchanges such as Binance when they intend to sell the digital assets. This often increases price volatility among cryptocurrencies.
According to media reports, the investor that moved more than 73,000 Ethereum to Binance was the same one that moved 84,131 Ethereum from the decentralized exchange Curve last week.
Binance has emerged as a saviour of sorts for the cryptocurrency industry in the wake of the $8 billion U.S. collapse of rival exchange FTX.
Last week, Binance announced that it was setting aside $1 billion U.S. to create a recovery fund for distressed cryptocurrency ventures.
Prior to today (November 28), the price of Ethereum was down 69% year-to-date.
