On-Chain Data Reveals Binance’s Strategy Behind Massive Ethereum And Solana Sell-Off

As the broader cryptocurrency market grapples with significant downturns, Ethereum (ETH) and Solana (SOL) have emerged as some of the hardest-hit assets among the top ten digital currencies.

On top of that, recent allegations by market experts on social media suggest potential market manipulation by major players in the space, raising further concerns for investors.

Ethereum Falls Below $2,600: Potential End To Altseason

Over the past few days, on-chain data has surfaced, indicating large-scale selling of Ethereum and Solana tokens primarily by Binance (BNB), the world’s largest cryptocurrency exchange.

Market expert Crypto Rover highlighted that these sales, which occurred over a span of just 48 hours, have contributed to a staggering 7% drop in Ethereum and a 12% decline in Solana’s value.

Market Manipulation Allegations Arise

Amidst these troubling developments, voices within the crypto community are suggesting that the market turbulence may not be coincidental.

Experts like Marty Party have expressed concerns about the role of Binance, asserting that the exchange may have offloaded its holdings in Solana and Ethereum to cover fines imposed by the Department of Justice (DOJ) while also profiting from liquidating leveraged futures positions.

Such actions have been characterized as “manipulative,” with Marty noting the timing of these sales. Doctor Profit, another market expert, also suggests that platforms like Bybit may have engaged in similar practices to recover “lost Ethereum” after its recent hack, fueling further speculation about the integrity of these exchanges.

Critics argue that these “market maneuvers” are indicative of a broader pattern of manipulation, particularly aimed at triggering mass liquidations among long positions.

Doctor Profit remarked on the apparent transparency of these manipulations, suggesting that market players are exploiting the naivety of average crypto investors.

Given the current climate, there is a growing call within the crypto community to shift away from centralized exchanges and traditional financial structures.

Advocates like Doctor Profit are urging investors to embrace decentralized finance (DeFi) and monolithic networks, emphasizing the importance of self-custody and minimizing reliance on institutions that may be susceptible to manipulation.