"Binance sees net inflow of 8,000 BTC on the day... Concerns over short-term selling pressure"
Minseung Kang
Summary
- CryptoQuant analyst stated that 8,000 BTC was net deposited to Binance.
- It was reported that this inflow is raising market concerns over selling pressure.
- The analyst explained that large deposits into global exchanges are generally for selling or short-term trading purposes.
More than 8,000 Bitcoins (BTC) flowed into Binance in a short period, leading to heightened concerns in the market over potential selling pressure.
On the 25th, Amr Taha, an analyst at the virtual asset (cryptocurrency) analytics platform CryptoQuant, stated in a Quicktake report, "The net amount of Bitcoin deposited to Binance as of today exceeded 8,000 BTC."
The analyst explained, "Such large inflows into a single exchange, especially major global platforms like Binance, are often indicative of selling activity or short-term trades."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
