According to Odaily Planet Daily, on-chain analyst Ai Yi reported that eight hours ago, an address linked to Fenbushi Capital (0xaF3…74446) moved 11,101 ETH to a deposit address belonging to Amber Group. The transfer was valued at $21.94 million at a price of $1,977.24 per ETH.
Looking back, the same address had withdrawn a total of 33,398 ETH from Binance between February and April 2024 at an average price of $3,039.36, representing an investment of roughly $101 million. Compared to the current transfer price, if these 11,101 ETH were to be sold, the address would face a loss of approximately $11.79 million.
Fenbushi Capital is a well-known blockchain venture capital firm, while Amber Group is a global crypto financial services provider. Large ETH deposits to exchange addresses are often seen as potential sell signals, though the actual intention remains unconfirmed. If sold, the unrealized loss would become realized.