Binance sees record inflows of 138,000 BTC as opinions diverge on what Bitcoin price will do next
Bitcoin exchange entries echo 2018's crypto capitulation, but reasons for Binance's large-scale moves remain unclear.
Market news
Bitcoin (BTC) inflows to largest exchange Binance just saw a giant spike reminiscent of the 2018 bear market capitulation.
Data from on-chain analytics platform CryptoQuant shows that on November 18, a giant slice of nearly 60,000 BTC entered Binance's wallet.
Foreign exchange inflows at their highest since the end of 2018Fears of BTC price contagion from FTX insolvencies and associated panic selling continue.
Now, the latest on-chain figures from Binance may provide further catalyst for jittery markets – the exchange has seen its biggest daily influx ever.
With November 18 not complete, partial data from CryptoQuant puts current entries at over 138,000 BTC for the day so far.
Table of Binance BTC entries. Source: CryptoQuantTo put the deposit into perspective, even taking into account outflows - not just at Binance, but other major exchanges - inflows are still the largest since the 30 November 2018. Two weeks later, BTC/USD hit a low of $3,100 after falling 40%.
For Binance itself, this move means that its BTC reserves are now higher than before the FTX debacle began – 573,000 from 513,000 on November 6.
Binance BTC Reserve Chart. Source: CryptoQuantThe event did not go unnoticed, and one commenter was quick to note that just over 59,000 came from a "de-peg of Binance's Bitcoin BEP2 (BTCB) token.
BTCB is a Bitcoin-backed token on Binance Chain with a publicly known reserve address. This wallet contained 68,200 BTC at the time of wr...
Bitcoin exchange entries echo 2018's crypto capitulation, but reasons for Binance's large-scale moves remain unclear.
Market news
Bitcoin (BTC) inflows to largest exchange Binance just saw a giant spike reminiscent of the 2018 bear market capitulation.
Data from on-chain analytics platform CryptoQuant shows that on November 18, a giant slice of nearly 60,000 BTC entered Binance's wallet.
Foreign exchange inflows at their highest since the end of 2018Fears of BTC price contagion from FTX insolvencies and associated panic selling continue.
Now, the latest on-chain figures from Binance may provide further catalyst for jittery markets – the exchange has seen its biggest daily influx ever.
With November 18 not complete, partial data from CryptoQuant puts current entries at over 138,000 BTC for the day so far.
Table of Binance BTC entries. Source: CryptoQuantTo put the deposit into perspective, even taking into account outflows - not just at Binance, but other major exchanges - inflows are still the largest since the 30 November 2018. Two weeks later, BTC/USD hit a low of $3,100 after falling 40%.
For Binance itself, this move means that its BTC reserves are now higher than before the FTX debacle began – 573,000 from 513,000 on November 6.
Binance BTC Reserve Chart. Source: CryptoQuantThe event did not go unnoticed, and one commenter was quick to note that just over 59,000 came from a "de-peg of Binance's Bitcoin BEP2 (BTCB) token.
BTCB is a Bitcoin-backed token on Binance Chain with a publicly known reserve address. This wallet contained 68,200 BTC at the time of wr...
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