BTC-Newswire

Bitcoin Inflows To Binance Spike: Whales Starting 2024 With Selloff?

Press Releases Crypto News Bitcoinist Bitcoin Inflows To Binance Spike: Whales Starting 2024 With Selloff?

On-chain data shows the Bitcoin inflows to cryptocurrency exchange Binance have shot up, a sign that whale selling may be happening.

Bitcoin Netflow To Binance Has Been Highly Positive During Past Day

CryptoQuant Netherlands community manager Maartunn explained in a new post on X that the exchange reserve on Binance has registered a sharp increase during the past day.

The indicator of interest here is the “exchange netflow,” which keeps track of the net amount of Bitcoin entering into or exiting the wallets of any given centralized exchange. The metric’s value is calculated by subtracting the outflows from the inflows.

When the indicator has a positive value, the inflows overwhelm the outflows, and the platform is receiving transfers of a net number of coins right now. As one of the main reasons investors would want to deposit to the exchanges is for selling purposes, this trend can have bearish implications for the cryptocurrency’s price.

On the other hand, the negative indicator implies net withdrawals are taking place currently, which may be a sign that the holders are accumulating. Naturally, such a trend can prove to be bullish for the price in the long term.

Now, here is a chart that shows the trend in the Bitcoin exchange netflow specifically for the cryptocurrency exchange Binance:

The value of the metric appears to have been quite high in recent days | Source: @JA_Maartun on X

As displayed in the above graph, the Bitcoin exchange netflow for Binance has observed a large positive spike recently. This would suggest that the platform has witnessed net deposits from the investors.

In total, 10,666 BTC has made its way to the platform during this latest netflow spike, worth a whopping $454.6 million at the current spot price of the cryptocurrency.

It would appear that some whales are potentially looking to offload a large sum of coins. If their intention is indeed selling here, then Bitcoin could

Go to Source to See Full Article
Author: Keshav Verma

Did you like this?
Tip BTC Newswire with Cryptocurrency