PiCK
Bitcoin Jumps 23% in Three Days as Short-Term Holder Flows to Binance Hit Highest Since February
Summary
- Bitcoin's market capitalization rose by about $275 billion as it surged 23% over the past three days.
- About 53,000 BTC moved to exchanges, with 17,800 BTC from short-term holders flowing into Binance.
- Long-term holders with positions of more than six months did not sell, and the move was attributed to short-term speculative activity that is adding to volatility.
Bitcoin has surged more than 23% over the past three days, triggering a sharp increase in profit-taking by short-term holders.
CryptoQuant Quicktake said on Aug. 22 that on-chain analyst Darkfost reported Bitcoin closed the previous session at about $78,300, up more than 7% on the day. Over the three-day rally, Bitcoin's market capitalization increased by about $275 billion.
The price spike was accompanied by larger flows to exchanges. About 53,000 BTC was moved to exchanges during the period, including 17,800 BTC sent to Binance.
According to the analysis, all of the Bitcoin transferred to Binance came from short-term holders. Investors who had bought Bitcoin less than a day earlier accounted for about 17,800 BTC of those Binance inflows.
By contrast, long-term holders who had held Bitcoin for more than six months did not send any coins to Binance. Darkfost said the move appeared to reflect pure short-term speculation rather than structural selling.
The latest short-term holder inflow to Binance was the largest since February. Darkfost added that such brief, impulsive moves are amplifying the renewed volatility in the digital-asset market.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.