{"id":629291,"date":"2024-07-11T17:00:36","date_gmt":"2024-07-11T17:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=629291"},"modified":"2024-07-11T15:08:30","modified_gmt":"2024-07-11T15:08:30","slug":"binance-bought-41000-btc-save-bitcoin-market","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/binance-bought-41000-btc-save-bitcoin-market\/","title":{"rendered":"Binance Bought A Whooping 41,000 BTC During The Dip: Did They Save The Bitcoin Market?"},"content":{"rendered":"

Bitcoin is moving sideways at press time, absorbing the wave of selling over the last week. Even though there are some optimists, the candlestick arrangement in the daily chart points to weakness. <\/span><\/p>\n

This preview, at least from a technical angle, remains as long as prices trend below the round number of $60,000 and the liquidation level at around $66,000.<\/span><\/p>\n

Binance Bought The Bitcoin Dip<\/span><\/h2>\n

Amid the recovery, one analyst, pointing to interesting on-chain data, <\/span>observed<\/span><\/a> that when prices fell last week, some unnamed exchanges were loading up the dip. It is now emerging that Binance, the world’s largest exchange by client count, was actively accumulating.<\/span><\/p>\n

\"Binance
Binance increases their BTC reserves | Source: @AxelAdlerJr via X<\/figcaption><\/figure>\n

CryptoQuant data shows that Binance increased its reserves by 41,000 BTC over the last bear run when prices corrected from $72,000. Buying on dips is strategic, considering the exchange’s obligation, especially for users seeking to convert other tokens for BTC on the fly instantaneously.<\/span><\/p>\n

Related Reading: XRP Set To Skyrocket 60,000% On Tightest Bollinger Bands Ever: Analyst<\/a><\/div>\n

During this time, Ki Young Ju also <\/span>noted<\/span><\/a> that “permanent holders,” entities who tend to HODL and not move coins, have been accumulating. These addresses, excluding spot Bitcoin exchange-traded fund (ETF) issuers, exchanges like Binance and Coinbase, or miners, added 85,000 BTC in the last month. During this time, spot Bitcoin ETF issuers decreased their holding by 16,000 BTC.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending lower on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

While some entities were scrambling for the exits, others saw this as an opportunity to double down, loading on every retracement. Their involvement has helped stabilize prices, improving sentiment shredded after last week’s dump to as low as $53,500.<\/span><\/p>\n

German Government Offloading More BTC<\/span><\/h2>\n

Even as the “diamond hands” buy the dip, the German government is not stopping; looking at Arkham Intelligence data<\/a>. Today, on July 11, they moved another 3,250 BTC, on top of the 5,627 sent earlier, to multiple market makers and exchanges, including Bitstamp. <\/span><\/p>\n

\"German
German government selling BTC | Source: @ArkhamIntel via X<\/figcaption><\/figure>\n

Their decision to sell is heaping more pressure on the coin, slowing down the uptrend. Even amid sustained outflows from the German government, a Coingecko survey <\/span>shows<\/span><\/a> that most respondents, especially investors, are upbeat. <\/span><\/p>\n

Related Reading: Filecoin Boom Incoming? Market Optimism Fuels Crypto\u2019s Next Breakout Star<\/a><\/div>\n

Meanwhile, traders and speculators have mixed sentiments. While 39% of traders are upbeat, expecting prices to recover, another 33.5% of those surveyed are bearish. Most speculators, or 42.4% of those surveyed, are bearish, expecting prices to continue tanking. <\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is moving sideways at press time, absorbing the wave of selling over the last week. Even though there are some optimists, the candlestick arrangement in the daily chart points to weakness. This preview, at least from a technical angle, remains as long as prices trend below the round number of $60,000 and the liquidation level at around $66,000. Binance Bought The Bitcoin Dip Amid the recovery, one analyst, pointing to interesting on-chain data, observed that when prices fell last week, some unnamed exchanges were loading up the dip. It is now emerging that Binance, the world’s largest exchange by client count, was actively accumulating. CryptoQuant data shows that Binance increased its reserves by 41,000 BTC over the last bear run when prices corrected from $72,000. Buying on dips is strategic, considering the exchange’s obligation, especially for users seeking to convert other tokens for BTC on the fly instantaneously. Related Reading: XRP Set To Skyrocket 60,000% On Tightest Bollinger Bands Ever: Analyst During this time, Ki Young Ju also noted that “permanent holders,” entities who tend to HODL and not move coins, have been accumulating. These addresses, excluding spot Bitcoin exchange-traded fund (ETF) issuers, exchanges like Binance and Coinbase, or miners, added 85,000 BTC in the last month. During this time, spot Bitcoin ETF issuers decreased their holding by 16,000 BTC. While some entities were scrambling for the exits, others saw this as an opportunity to double down, loading on every retracement. Their involvement has helped stabilize prices, improving sentiment shredded after last week’s dump to as low as $53,500. German Government Offloading More BTC Even as the “diamond hands” buy the dip, the German government is not stopping; looking at Arkham Intelligence data. Today, on July 11, they moved another 3,250 BTC, on top of the 5,627 sent earlier, to multiple market makers and exchanges, including Bitstamp. Their decision to sell is heaping more pressure on the coin, slowing down the uptrend. Even amid sustained outflows from the German government, a Coingecko survey shows that most respondents, especially investors, are upbeat. Related Reading: Filecoin Boom Incoming? Market Optimism Fuels Crypto\u2019s Next Breakout Star Meanwhile, traders and speculators have mixed sentiments. While 39% of traders are upbeat, expecting prices to recover, another 33.5% of those surveyed are bearish. Most speculators, or 42.4% of those surveyed, are bearish, expecting prices to continue tanking. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":627951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[10768,428,639,679,1119,78790,2181,89583],"class_list":["post-629291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-binance","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-germany","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nBinance Bought A Whooping 41,000 BTC During The Dip: Did They Save The Bitcoin Market?<\/title>\n<meta name=\"description\" content=\"Binance, the world's largest exchange, bought the dip, adding 41,000 BTC to their Bitcoin reserve despite the sell-off\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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