The whale wallet qianbaidu.eth deposited 25.75 million USDT to Binance and withdrew 7,500 ETH worth about $20.5 million within 30 minutes, on-chain analytics firm Hupzy said. Hupzy was formerly known as Spot On Chain. CoinNess said the transaction appeared to represent active accumulation: the stablecoins were exchanged for spot ETH and the tokens were then moved to a self-custodied wallet, meaning one controlled directly by the holder. Removing ETH from exchanges can reduce immediately available sell-side liquidity, the analysis added.