Investors Withdraw Big From Binance
The post Investors Withdraw Big From Binance appeared on BitcoinEthereumNews.com. Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure On-chain data shows the Bitcoin Exchange Reserve for the Binance platform has plummeted recently, a sign that could be bullish for BTC’s price. Bitcoin Binance Exchange Reserve Has Crashed Recently As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin Exchange Reserve for Binance has seen a large decline since mid-April. The “Exchange Reserve” here refers to an indicator that keeps track of the total amount of BTC that’s sitting in the wallets of a given centralized exchange. When the value of this metric goes up, it means the investors are depositing a net number of tokens of the asset into the platform. As one of the main reasons why holders transfer their coins to exchanges is for selling-related purposes, this kind of trend can have a bearish effect on the cryptocurrency’s price. On the other hand, the indicator observing a decline suggests the outflows are overwhelming the inflows and a net amount of the asset is leaving the exchange. Such a trend can be a sign that the investors are accumulating, which can naturally be bullish for BTC. Now, here is the chart that shows the trend in the Bitcoin Exchange Reserve for the cryptocurrency exchange Binance over the last couple of years: Looks like the value of the metric has plummeted in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin Binance Exchange Reserve has been following a steep downward trajectory since mid-April, implying that the investors have been in net withdrawal mode. In total, the platform has seen the outflow of around 51,000 BTC ($4.8 billion) during this period. Considering the large amount involved, it’s likely that whale-sized holders are behind the moves. These latest large outflows…
The post Investors Withdraw Big From Binance appeared on BitcoinEthereumNews.com.
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure On-chain data shows the Bitcoin Exchange Reserve for the Binance platform has plummeted recently, a sign that could be bullish for BTC’s price. Bitcoin Binance Exchange Reserve Has Crashed Recently As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin Exchange Reserve for Binance has seen a large decline since mid-April. The “Exchange Reserve” here refers to an indicator that keeps track of the total amount of BTC that’s sitting in the wallets of a given centralized exchange. When the value of this metric goes up, it means the investors are depositing a net number of tokens of the asset into the platform. As one of the main reasons why holders transfer their coins to exchanges is for selling-related purposes, this kind of trend can have a bearish effect on the cryptocurrency’s price. On the other hand, the indicator observing a decline suggests the outflows are overwhelming the inflows and a net amount of the asset is leaving the exchange. Such a trend can be a sign that the investors are accumulating, which can naturally be bullish for BTC. Now, here is the chart that shows the trend in the Bitcoin Exchange Reserve for the cryptocurrency exchange Binance over the last couple of years: Looks like the value of the metric has plummeted in recent days | Source: CryptoQuant As displayed in the above graph, the Bitcoin Binance Exchange Reserve has been following a steep downward trajectory since mid-April, implying that the investors have been in net withdrawal mode. In total, the platform has seen the outflow of around 51,000 BTC ($4.8 billion) during this period. Considering the large amount involved, it’s likely that whale-sized holders are behind the moves. These latest large outflows…
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