{"id":543376,"date":"2023-07-19T19:00:49","date_gmt":"2023-07-19T19:00:49","guid":{"rendered":"https:\/\/ktsl888.com\/?p=543376"},"modified":"2024-06-11T06:59:27","modified_gmt":"2024-06-11T06:59:27","slug":"bitcoin-exchange-inflow-spikes-is-this-bearish","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-exchange-inflow-spikes-is-this-bearish\/","title":{"rendered":"Bitcoin Exchange Inflow Spikes, Is This Bearish?"},"content":{"rendered":"

On-chain data shows the Bitcoin exchange inflow towards Binance has spiked during the past day, which may be bearish for the price.<\/p>\n

Bitcoin Exchange Inflow Has Registered A Large Spike<\/h2>\n

As an analyst in a CryptoQuant post pointed out<\/a>, a whale has made a large deposit to the cryptocurrency exchange Binance. The relevant indicator here is the “exchange inflow<\/a>,” which measures the total amount of Bitcoin that investors send to a specific centralized exchange (which, in this case, is Binance).<\/p>\n

When the value of this metric is high, it means that the holders are depositing large amounts to the platform right now. The investors may have made these transfers for selling-related purposes, depending on which type of exchange these inflows are for. Naturally, if that is the case, the price could feel a bearish effect from the inflows.<\/p>\n

On the other hand, low values imply the exchange in question isn’t receiving that many coins currently. Such a trend would imply that the market’s selling pressure may be low.<\/p>\n

Related Reading: Bitcoin Has Broken This Open Interest Pattern, Quant Explains<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin exchange inflow for the cryptocurrency exchange Binance over the past day:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been quite high in recent hours | Source: CryptoQuant<\/a><\/pre>\n
As shown in the above graph, the Bitcoin exchange inflow for Binance has observed a rather large spike in the past day. With this deposit, around 4,451 BTC (approximately worth $133 million at the current exchange rate) has entered the platform’s wallets.<\/p>\n
Interestingly, this deposit has come from a whale<\/a> that has bought 20,000 BTC over the last eight months, meaning that the investor still has over 15,000 BTC left in their wallet after the transaction.<\/p>\n
The whale may have made this transfer to take some profit at the current prices. Since the scale of the deposit is quite sizeable, it could potentially cause bearish ripples in the market.<\/p>\n
However, as another quant has explained<\/a>, the deposits have been towards the derivatives<\/a> side of the exchange and not the spot platform.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the spot exchanges inflow hasn't moved today | Source: CryptoQuant<\/a><\/pre>\n
It would appear likely that the transfer hasn’t been made to sell the coins (at least not directly) but rather for opening positions on the derivatives market.<\/p>\n
Related Reading: Signal With Perfect Track Record Predicts Bitcoin Bull Market Parabola: Analyst<\/a><\/div>\n
“This category of large wallets rarely moves directly to derivative exchanges,” notes the analyst, given that the size of the wallet in question is in the 10,000+ BTC range, the class of the largest whales on the network.<\/p>\n
Such a large position can lead to volatility in the Bitcoin price, but unlike selling from spot deposits, this price action may not necessarily be bearish for the asset.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $29,800, down 3% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has gone downhill during the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Bitcoin exchange inflow towards Binance has spiked during the past day, which may be bearish for the price. Bitcoin Exchange Inflow Has Registered A Large Spike As an analyst in a CryptoQuant post pointed out, a whale has made a large deposit to the cryptocurrency exchange Binance. The relevant indicator here is the “exchange inflow,” which measures the total amount of Bitcoin that investors send to a specific centralized exchange (which, in this case, is Binance). When the value of this metric is high, it means that the holders are depositing large amounts to the platform right now. The investors may have made these transfers for selling-related purposes, depending on which type of exchange these inflows are for. Naturally, if that is the case, the price could feel a bearish effect from the inflows. On the other hand, low values imply the exchange in question isn’t receiving that many coins currently. Such a trend would imply that the market’s selling pressure may be low. Related Reading: Bitcoin Has Broken This Open Interest Pattern, Quant Explains Now, here is a chart that shows the trend in the Bitcoin exchange inflow for the cryptocurrency exchange Binance over the past day: The value of the metric seems to have been quite high in recent hours | Source: CryptoQuant As shown in the above graph, the Bitcoin exchange inflow for Binance has observed a rather large spike in the past day. With this deposit, around 4,451 BTC (approximately worth $133 million at the current exchange rate) has entered the platform’s wallets. Interestingly, this deposit has come from a whale that has bought 20,000 BTC over the last eight months, meaning that the investor still has over 15,000 BTC left in their wallet after the transaction. The whale may have made this transfer to take some profit at the current prices. Since the scale of the deposit is quite sizeable, it could potentially cause bearish ripples in the market. However, as another quant has explained, the deposits have been towards the derivatives side of the exchange and not the spot platform. Looks like the spot exchanges inflow hasn’t moved today | Source: CryptoQuant It would appear likely that the transfer hasn’t been made to sell the coins (at least not directly) but rather for opening positions on the derivatives market. Related Reading: Signal With Perfect Track Record Predicts Bitcoin Bull Market Parabola: Analyst “This category of large wallets rarely moves directly to derivative exchanges,” notes the analyst, given that the size of the wallet in question is in the 10,000+ BTC range, the class of the largest whales on the network. Such a large position can lead to volatility in the Bitcoin price, but unlike selling from spot deposits, this price action may not necessarily be bearish for the asset. BTC Price At the time of writing, Bitcoin is trading around $29,800, down 3% in the last week. BTC has gone downhill during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":543393,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,461,87302,1119,1144],"class_list":["post-543376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish","tag-bitcoin-exchange-inflow","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Exchange Inflow Spikes, Is This Bearish?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin exchange inflow towards Binance has spiked during the past day, something that may be bearish for the price.\" \/>\n<meta name=\"robots\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Exchange Inflow Spikes, Is This Bearish?","url":"http:\/\/ktsl888.com\/news\/bitcoin-exchange-inflow-spikes-is-this-bearish\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-exchange-inflow-spikes-is-this-bearish\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/kanchanara-PjhxKgiCXGg-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/kanchanara-PjhxKgiCXGg-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bearish","bitcoin exchange inflow","btc","btcusd"],"dateCreated":"2023-07-19T19:00:49Z","datePublished":"2023-07-19T19:00:49Z","dateModified":"2024-06-11T06:59:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Exchange Inflow Spikes, Is This Bearish?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-exchange-inflow-spikes-is-this-bearish\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-exchange-inflow-spikes-is-this-bearish\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/kanchanara-PjhxKgiCXGg-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/kanchanara-PjhxKgiCXGg-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bearish\",\"bitcoin exchange inflow\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-07-19T19:00:49Z\",\"datePublished\":\"2023-07-19T19:00:49Z\",\"dateModified\":\"2024-06-11T06:59:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/kanchanara-PjhxKgiCXGg-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/543376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=543376"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/543376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/543393"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=543376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=543376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=543376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}