Global fintech firm Elwood has been executing significant Ethereum (ETH) transfers to and from Binance in recent days, prompting speculation about the firm’s strategic motives and potential market impact.

Data from blockchain analytics platform Lookonchain confirmed that Elwood deposited 26,811 ETH, valued at approximately $83.17 million, into the crypto exchange within the last three days.

Simultaneously, another address associated with Elwood withdrew 24,463 ETH, worth roughly $75.88 million, from Binance in the past two days. The near-simultaneous deposit and withdrawal activities have sparked speculation within the crypto community vented out through platform X (formerly Twitter) about potential market manipulation.

Such large-scale movements often impact investor sentiment and Ether price action. According to data from CoinMarketCap, ETH moved as high as $3,148 but failed to sustain action above $3,100. The cryptocurrency is trading at $3,091 at the time of writing, up 0.61% in the past 24 hours. However, ETH is still 36.76% down from its all-time high of $4,891 reached in 2021.

Additionally, Spot On Chain noted that a “whale/institution” withdrew 16,449 ETH worth around $50.8 million from Binance, indicating a bullish outlook for Ether. The whale has moved its ETH holdings to a new wallet and continues to accumulate Ether.

The massive whale move comes during the approval window of a spot ETH exchange-traded fund (ETF) in the U.S. The SEC is currently reviewing the S-1 filings submitted by issuers. In anticipation of the event, the supply of Ether on centralized exchanges hit an 8-year low. CEXs hold only 10% of the ETH in circulation. It is expected that ETH will outperform Bitcoin (BTC) in the near future.In a July 9 interview with Bloomberg, Bitwise’s chief compliance officer, Katherine Dowling, said the spot ETH ETFs are close to going live. Bitwise is one of the firms that applied for a spot ETH ETF, and it also offers a spot BTC ETF in the US.