Over the past six hours, an address associated with Arbitrum deposited 50,000 ETH worth over $125 million to a Binance deposit address, according to data from cryptocurrency analytics platform Arkham.
The transaction was spotted by on-chain analyst Ember, who suggested that this move represents a cross-chain transfer by Binance from the Arbitrum network to Ethereum.
The deposit address in question, identified as 0xE69…Abb, is reportedly a cross-chain address frequently used by Binance. This address is often used for cross-chain allocations of various assets, including MATIC, ETH, USDC, and STG.
Cross-chain technology refers to the ability to transfer assets, data, or value between different blockchain networks. Traditionally, blockchains operate independently, meaning that assets or information on one blockchain cannot be transferred directly to another.
However, since Arbitrum is a layer-2 platform on the Ethereum network, ETH can be transferred between the two networks frequently. However, these transfers are done via bridges and can often take a long time. It takes around seven days to send ETH from the Base network to Ethereum and vice versa.
*This is not investment advice.
