Ceffu, the institutional custody partner for Binance, deposited 136.54 million USDC onto Binance and subsequently withdrew 1,524 bitcoin and 59,484 ether, with a combined value of $263.8 million, during a 30-minute window on August 24.
Onchain analysts reported that the withdrawal included 1,524 BTC valued at approximately $117.89 million and 59,484 ETH valued at roughly $145.92 million. Ceffu, formerly known as Binance Custody, serves as an institutional custody partner providing segregated cold storage and settlement services to large investors using multi-party computation technology and multi-approval schemes.
This activity follows a similar pattern observed in July, when 3,000 BTC worth approximately $192 million moved from Binance to Ceffu across 12 separate transfers over a 30-day period. Ceffu expanded its institutional footprint earlier this year through partnerships, including a role as the institutional custody partner in the EOS Network's custody and CeDeFi offering.
The August 24 withdrawals coincided with a major rally in the cryptocurrency market. Bitcoin recorded its strongest weekly performance in three years, rising roughly 22% for the week following an announcement by U.S. Treasury Secretary Scott Bessent regarding long-dated bond buybacks. Additionally, President Donald Trump met with crypto industry executives on the same day and urged the Senate to pass the Clarity Act, while market liquidations across all crypto assets reached $4.5 billion.
Market observers note that large custody-partner withdrawals differ from standard exchange outflows. Because assets move directly into a known institutional custody address rather than an unidentified wallet, such activity typically aligns with institutional settlement, rebalancing, or client accumulation rather than indicating a bearish signal. Neither Binance nor Ceffu has disclosed whether the transaction represents a single client order or broader custody rebalancing.
