Address 0x166f Withdraws 20,000 ETH from Binance and Deribit in 2 Hours

Published: 2026-02-25 06:08:38 |

On Feb 25, on-chain analytics provider Lookonchain reported that wallet address 0x166f withdrew a total of 20,000 ETH from Binance and Deribit within a two-hour window. At current prices this amount is roughly $38.25 million. The report did not specify whether the withdrawals were transfers to other custody, OTC sales, or on-chain trading activity. No additional addresses or transaction intents were publicly confirmed. The movement was flagged by market observers because large, rapid withdrawals from major exchanges can affect exchange liquidity and spot availability of ETH. Key details: wallet 0x166f; exchanges involved: Binance, Deribit; amount: 20,000 ETH; timeframe: 2 hours; approximate fiat value: ~$38.25M. This notice is informational and does not constitute investment advice.

Neutral

Large withdrawals of ETH from centralized exchanges can be interpreted several ways: transfers to cold storage (neutral to slightly bullish), OTC sales or movement to liquid venues (potentially bearish), or internal reorganization (neutral). In this case, only the withdrawal and amount (20,000 ETH, ≈$38.25M) and the sources (Binance, Deribit) are reported; there is no on-chain traceable destination or indication of immediate sell pressure. Historically, anonymous large withdrawals without subsequent on-chain selling often have limited immediate negative price impact; conversely, when large transfers are routed to known OTC or decentralized exchange addresses and followed by sells, they can exert downward pressure. Given the lack of destination and intent, the most balanced classification is neutral: traders should monitor on-chain flows (where the ETH was sent), order-book changes on major exchanges, and Deribit options positioning for signs of imminent selling. Short-term: watch for increased sell-side liquidity or sudden listings; long-term: a single withdrawal of this size is unlikely to alter ETH’s fundamentals unless it signals a new pattern of repeated large outflows from exchange reserves.