A bold accusation from crypto analyst Ted is stirring debate on X today. In a viral post, Ted claims that Binance may be manipulating the price of Ethereum – and, by extension, the entire altcoin market.
“I hate to say it, but Binance is manipulating $ETH and the entire altcoin market,” Ted wrote.
“They’re dumping millions of ETH by moving it to multiple market maker accounts to sell off… How can they transfer so much Ethereum when they have no extra $ETH, only customer funds?”
The tweet references Binance’s Ethereum holdings, as shown in the platform’s latest Proof-of-Reserves snapshot – and the data is now fueling speculation.
ETH Ratio on Binance: 100.67%
According to the Binance reserves dashboard, Ethereum currently shows a 100.67% ratio – meaning the exchange holds just slightly more ETH than it owes to customers.
I hate to say it, but Binance is manipulating $ETH and the entire altcoin market.
— Ted (@TedPillows) August 8, 2025
Ethereum is strong, pushing to break $4,000 with institutions and whales buying aggressively.
Yet… 👇🏻
As I pointed out earlier, they’re dumping millions of ETH by moving it to multiple market… pic.twitter.com/HjsPKTQ4od
- Customer Net Balances: 4,555,013 ETH
- Binance Net Balances: 4,585,489 ETH
- Exchange-held ETH: ~4.25M
- Third-party Custody: ~338K
This technically confirms that Binance is solvent for ETH – but only by a very thin margin. There’s no large surplus. That’s where Ted’s accusation comes in: if Binance is transferring millions of ETH to market makers, where is that extra supply coming from?
Read also: Bitcoin to $664K? This Trader Makes a Shocking BTC Price Prediction
The Market Maker Theory
According to Ted, Binance is offloading ETH through multiple internal market maker accounts – allegedly using customer funds to do so. The claim is that these ETH transfers are not coming from reserves or excess balances, but from Ethereum stored on behalf of users.
If true, this could be a serious breach of trust. ETH is currently trading strong and is attempting to reclaim the $4,000 level, driven by institutional demand and ETF-related optimism. A coordinated dump at such a critical level could disrupt price discovery – not only for ETH, but for the broader altcoin market as well.
It’s important to clarify: these are Ted’s opinions – not facts confirmed by Binance, and not the opinion of CaptainAltcoin. Binance is one of the largest and most scrutinized exchanges in the world. Its proof-of-reserves page is public and updated regularly. If there were serious accounting discrepancies, regulators or auditors would likely catch them.
Still, the ETH ratio being only 100.67% lends a small degree of credibility to Ted’s concerns. If Ethereum reserves are nearly 1:1 with liabilities, even modest movement from Binance wallets could raise questions – especially if market volatility follows.
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