2,797 Bitcoin Deposited to Binance, Worth About $220 Million
Minseung Kang
Summary
- According to a CryptoQuant alert, 2,797.74 BTC was deposited into global cryptocurrency exchange Binance.
- The deposit is currently worth about $220 million.
- Bitcoin flowing into an exchange can be interpreted as a potential signal of rising sell pressure.
Forecast Trend Report by Period
A large volume of Bitcoin was transferred to global cryptocurrency exchange Binance.
A CryptoQuant alert on Oct. 23 showed that 2,797.74 BTC was deposited into Binance. The holding is currently worth about $220 million.
Bitcoin inflows to exchanges are typically interpreted as a sign of potential selling pressure. It was not confirmed, however, whether the transferred Bitcoin was actually sold.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.