While Bitcoin (BTC) is having difficulty recovering after the sharp drop below $50,000 in early August due to the decline in global markets, institutional investors continue to sell BTC.

While these sales indicate a possible wave of institutional sales, according to Lookonchain’s post, Ceffu deposited $7 million worth of BTC during the day.

At this point, Lookonchain reported that Ceffu, a custody platform affiliated with the Binance Exchange, has deposited a total of 3,568 BTC (worth $211.6 million) to Binance since July 31.

Considering that Ceffu provides custody and liquidity solutions for institutional clients, this large BTC transfer in a short period of time indicates that institutions are selling their BTC holdings.

Apart from Ceffu, market maker Wintermute also deposited $97.03 million worth of WBTC to Binance. On-chain analyst ai_9684xtpa shared that crypto market maker Wintermute deposited an additional 1,631,863 WBTC (worth $97.03 million) to the Binance Exchange in the last 13 hours.

Since August 17, Wintermute’s total deposits have reached 5,860.67 WBTC (worth $348 million), leading to speculation that Wintermute is planning to phase out the use of WBTC.

Apart from these, Singapore-based cryptocurrency trading firm QCP Capital also recently deposited $5.87 million worth of WBTC into Binance. On-chain analyst The Data Nerd said that QCP Capital deposited 100.5 WBTC (worth $5.87 million) into Binance.

Experts warned investors that institutional investors selling BTC could put downward pressure on the price.

Bitcoin continues to trade at $58,600 at the time of writing.

*This is not investment advice.