According to Martyparty, a commentator, trader and cryptocurrency analyst, Binance could be disguising operations with Solana (Sun) to prevent this currency from exceeding BNB market capitalization. Textually, the commentator says the following: «Binance will not allow Solana to exceed BNB market capitalization, so they suppress it using Wintermute.» Next, it shows receipts that show that the exchange Transfer Sun cryptocurrencies from your cold wallets to wintermutea platform that offers algorithmic trading and Over-The-Counter (OTC) markets.
It offers algorithmic trading and Over-The-Counter (OTC) markets. Source: Social Network X, @Martypartymusic; In Arkham Intelligence. Transactions in OTC markets They do not directly affect the market capitalization of an asset because this is calculated by multiplying the current market price by the total number of assets in circulation. In OTC markets, transactions occur outside the public market, and negotiated prices between the parties (Binance and merchants in Wintermute) are not always reflected in real -time market data. As capitalization is based on the public price (for example, CoinmarketCap), OTC transactions, which are private, do not alter that calculation and do not modify the amount of assets in circulation. In a nutshell, the sending of Solana coins to Wintermute and its subsequent marketing in the OTC market They would be «suppressing» a fraction of the capitalization sun. In this way, the Exchange would avoid contributing, with great transactions, that Solana exceeds BNB, although there may be other reasons. The procedure of using OTC markets constitutes anything illegal, although it could create concerns about the transparency of the Exchange. As Coinmarketcap data demonstrates, BNB is the fifth cryptocurrency with the greatest market capitalization in the world, 119,000,000,000 at the time of writing. The one that follows andS sun, with approximately 107,000,000,000.
Martyparty questions: «Where does [Binance] He gets these sun when their reservations says they have nothing sun apart from customer funds? The Exchange reservations reflect that Binance only has, in effect, 1: 1 (100%) of the reserves of its customers. Technically, these reserves cannot move or resemble a fractional reserve system,
The net sunbalance in Binance is almost identical to the total balance of exchange customers. Source: Binance, reserve test. Therefore, the facts indicate that Binance would have a «undeclared» Sol that could be moving for OTC markets. As a user named Fronk da Farmer, however, cryptocurrencies in reserve tests notes They do not have to be equivalent to all funds owned by the Exchange.
The cold wallet from where the suns are moved could have another purpose, such as generating markets in the company for the company or storing private funds for cryptocurrency arbitration, among other possibilities.
