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Breaking News: Binance Founder Suggests President Trump Could Be Satoshi Nakamoto In Latest Statement

Bitcoin Bearish Signal: 130k BTC Just Flowed Into Binance

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin

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On-chain data shows the crypto exchange Binance has just received Bitcoin inflows of 130k BTC, a sign that may be bearish for the price of the crypto.

Binance’s Bitcoin Exchange Reserve Has Sharply Spiked Up Over Past Day

As pointed out by an analyst in a CryptoQuant post, Binance has received a massive Bitcoin deposit today.

The relevant indicator here is the “exchange reserve,” which tells us the total amount of BTC currently sitting in the wallets of a centralized exchange.

When the value of this metric goes down, it means investors are withdrawing their coins from the exchange right now. Such a trend, when sustained, could be bullish for the crypto’s price as it might be a sign of accumulation.

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On the other hand, rises in the indicator suggest holders are transferring their BTC to the exchange’s wallets currently. As investors could be depositing for selling purposes, this kind of trend can be bearish for the coin’s value.

Now, here is a chart that shows the trend in the Bitcoin exchange reserve of the crypto exchange Binance over the last few years:

Bitcoin Exchange Reserve - Binance

The value of the metric seems to have suddenly jumped up in recent days | Source: CryptoQuant

As you can see in the above graph, the Bitcoin exchange reserve for Binance sharply fell off earlier in the month.

These outflows occurred as the crypto exchange FTX went belly up, reigniting fear among investors around central custody, and causing them to rush to withdraw their coins from such platforms.

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In the last few days, however, Binance’s BTC reserve has once again started to trend up, implying that whales might be making moves to dump.

And today, the indicator has very rapidly increased to a new high, as investors have made a massive deposit of 130k BTC to the exchange.

At the moment, it’s unclear whether this is an organic increase in Binance’s Bitcoin reserve, or if it’s because of the exchange making some internal wallet shuffles that have been mistakenly picked up as fresh deposits by CryptoQuant’s metric.

However, if it’s indeed a true spike, then the outcome from this could be bearish for the price of BTC.

BTC Price

At the time of writing, Bitcoin’s price floats around $16.7k, down 3% in the last week. Over the past month, the crypto has lost 14% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

Looks like BTC has continued to hold still in the last few days | Source: BTCUSD on TradingView
Featured image from Jonathan Borba on Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

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’s 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’t 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’t 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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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