[Analysis] "Large withdrawals of altcoins from Binance… suggest potential for a price increase"

Uk Jin

Summary

It reported that some altcoins were withdrawn in large quantities from Binance.
A CryptoQuant contributor said these withdrawals are interpreted as a sign of strengthening buying pressure.
On the other hand, some altcoins recorded net inflows and require caution regarding selling pressure.

The world's largest exchange Binance reportedly saw large withdrawals of certain altcoins.

On the 8th (Korean time), CryptoQuant contributor Burakesmesi said in a report, "Fetch.ai (FET), Amp (AMP), Synthetix (SNX), 0x Protocol (ZRX), and Ankr (ANKR) were withdrawn in large quantities from Binance," and added, "This is interpreted as a sign that buying pressure is strengthening."

There were also altcoins that recorded net inflows. The contributor warned, "On the other hand, Polygon (MATIC), Chiliz (CHZ), Sui (SUI), Yield Guild Games (YGG), and Ethereum Name Service (ENS) recorded net inflows, so be cautious of selling pressure."