Something unusual is happening to exchange BTC inflows — Binance is up 88,000 BTC in a day.
) inflows to largest exchange Binance just saw a giant spike reminiscent of the 2018 bear market capitulation.shows that on Nov. 18, a giant tranche of almost 60,000 BTC entered Binance’s wallet.BTC price contagion fears thanks to FTX insolvencies and related panic selling are ongoing.
Now, the latest on-chain figures from Binance could provide an additional catalyst for nervous markets — the exchange has seen its daily biggest inflow on record. With Nov. 18 not over, partial data from CryptoQuant puts current inflows at over 138,000 BTC for the day so far.To put the deposit in perspective, even taking into account outflows — not just at Binance, but other major exchanges — the inflows are still the largest since Nov. 30, 2018. Two weeks later, BTC/USD bottomed at $3,100 after falling 40%.began — 573,000 compared to 513,000 on Nov. 6.
Unlike regular operations, however, the decrease in the BTCB market cap at the same time as the reserve decreased suggests that genuine selling is afoot, according to CryptoQuant CEO, Ki Young Ju.“Rationale: - If you're CZ, why do you unpeg Bitcoins from BNB chain? Your goal is to support projects on BNB chain. - No announcements from Binance means it's customer or investor's money. So I think this activity was highly likely from customer who are in urgent situation.
“There have been some massive outflows past seven days, but also inflows elsewhere. ‘they're transferring to Binance to dump’ doesn't seem right.”
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