Summary
- Centora announced that $250 million worth of Bitcoin was deposited to exchanges the previous day.
- It stated that this is the first large-scale inflow since May 27.
- It noted that large deposits to exchanges can lead to increased selling pressure and heightened short-term volatility.
It was reported that a large amount of Bitcoin (BTC) was deposited into exchanges the day before.
On the 9th (local time), Centora (formerly IntoTheBlock) announced on X (formerly Twitter) that “Yesterday, $250 million worth of Bitcoin was deposited to exchanges,” adding, “This is the first time such a large-scale inflow has been seen since May 27.”
Typically, large deposits into exchanges can lead to increased selling pressure, which in turn can be a factor driving short-term volatility.
As of 9:40 PM, on the Binance USDT market, Bitcoin was trading at $107,826, up 2.14% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
