Ceffu withdraws $263 million in Bitcoin and Ethereum from Binance in 30 minutes

Ceffu, the institutional custody service that works with Binance, moved a large amount of crypto assets on Aug. 24. The firm first deposited 136.54 million USDC onto Binance and, within half an hour, withdrew 1,524 BTC (about $117.9 million) and 59,484 ETH (about $145.9 million), totaling roughly $263.8 million.

Background on Ceffu

Ceffu was rebranded from Binance Custody and now provides segregated cold‑storage and settlement services for large investors. Its custody infrastructure uses multi‑party computation and a customizable multi‑approval scheme. Earlier in July, Ceffu moved about 3,000 BTC (≈$192 million) from Binance to a Ceffu address over a series of transfers.

Market context

The withdrawal occurred during Bitcoin’s strongest weekly rally since March 2023, with the price up roughly 22 % for the week. The rally followed announcements from the U.S. Treasury and a meeting between President Donald Trump and crypto executives, which spurred risk‑on sentiment and led to $3 billion of leveraged short positions being liquidated.

Interpretation of the outflow

Because the assets moved directly from Binance’s exchange balance to a known institutional custody address, analysts view the activity as more likely related to settlement, rebalancing, or client‑driven accumulation rather than a bearish signal. Neither Binance nor Ceffu disclosed whether the transaction reflects a single client’s move or a broader rebalancing effort.