The Bitfinex multi-currency cryptographic exchange has reached a crucial stage in the accumulation of Ethereum ( ETH ). This cannot be an accident, underlines the analyst.

Each DeFi exceeded by a single exchange

Based on data provided by the chain analysis provider Glassnode, Elias Simos announced that Bitfinex has been increasing its stake in Ethereum ( ETH ) since mid-March.

Ethereum's ( ETH ) service balance jumped nearly 60%, barely hitting the insane level of 4M ether. This number is significantly higher than what the entire DeFi sector has managed to allocate.

This meaningful process takes place in conjunction with Tether Printing ( USDT ) over the Ethereum Blockchain ( ETH ). Previously, the ERC-20 version of the USDT was considered a pale imitation of its analog Omni (based on Bitcoin ).

But ultimately, Ethereum- based Tether ( USDT ) surpassed its predecessor. 6B USDT is now printed on the Ethereum network ( ETH ). Almost half of this impressive quantity was put into circulation after Black Thursday. 

Three hidden reasons

Elias Simons offered three possible explanations for this process, which is accompanied by a decrease in the Bitfinex Bitcoin ( BTC ) balance .

First, it could mean that Bitfinex is planning large-scale participation in Ethereum ( ETH ) 2.0 staking . Such a huge stake can lead to a big influence of Bitfinex in the future proof of participation network.

In addition, Bitfinex can target better financing rates for Ethereum players ( ETH ) than on the DeFi market.

In addition, Bitfinex can store Ethereum ( ETH ) to cover gas costs for the maintenance of ERC-20-based Tether