On-chain analytics firm Lookonchain identified a wallet linked to Ceffu, Binance’s institutional custody platform, that deposited 136.54 million USDC into Binance before withdrawing 1,524 BTC worth $117.89 million and 59,484 ETH worth $145.92 million within half an hour. Ceffu was previously known as Binance Custody and now serves as Binance’s institutional custody partner, offering large investors segregated cold storage and settlement services. This marks the second instance of large transfers between the platforms this year, following a July movement of 3,000 BTC worth roughly $192 million across 12 separate transfers over 30 days. Ceffu’s infrastructure relies on multi-party computation technology combined with a customizable multi-approval scheme, and the platform has expanded through partnerships including its role as institutional custody provider for EOS Network’s advanced custody and CeDeFi offerings. The withdrawal occurred during Bitcoin’s strongest weekly performance since March 2023, when the asset rose approximately 22 percent following U.S. Treasury Secretary Scott Bessent’s announcement that the department would at least double the size of its long-dated bond buybacks. The same day, President Donald Trump met with crypto industry executives from Coinbase Global and Payward and urged the Senate to pass the Clarity Act. The rally prompted traders to unwind roughly $3 billion in leveraged bearish Bitcoin bets over three days, with total crypto liquidations reaching $4.5 billion. Large custody-partner withdrawals like this are typically viewed as settlement, rebalancing, or accumulation for institutional clients rather than a bearish signal. Binance and Ceffu have not disclosed whether this particular transaction involves a single client or broader custody rebalancing.