[Analysis] "Large-scale Bitcoin Withdrawals on Binance... Substantial Stablecoin Deposits"
Uk Jin
Summary
- It was reported that 4,500 Bitcoins were withdrawn from Binance, while stablecoins were deposited in large amounts.
- It was stated that the amount of stablecoins deposited on Binance over the last few days reached about $400 million.
- Such capital flows are interpreted as signals of decreased selling pressure and increased buying liquidity, possibly indicating a price rise.
It has been reported that a large amount of Bitcoin (BTC) was withdrawn from Binance.
On the 17th (KST), a contributor to Amr Taha, CryptoQuant stated in a report, "On the 16th, 4,500 Bitcoins were withdrawn from Binance," and explained, "Large Bitcoin withdrawals and stablecoin (virtual assets pegged to fiat currency) deposits are occurring simultaneously at the Binance exchange." In the past few days, stablecoin deposits on Binance have reached about $400 million.
Regarding this, he mentioned, "Such large outflows indicate a reduction in selling pressure," adding, "This acts as a leading indicator for price increases." He also noted, "The large inflow of stablecoins significantly increases buy-side liquidity."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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