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NewsBTC 2021-08-05 19:00:16

Bitcoin Price Drops 5% As 12k BTC Flow Into Binance

On-chain data shows that shortly after crypto exchange Binance observed Bitcoin inflow of around 12k BTC, price fell by almost 5%. Huge Bitcoin Inflow To Binance As pointed out by a CryptoQuant post, inflow of around 12k BTC was seen on Binance, the largest crypto exchange by market volume. The Bitcoin inflow is an indicator that shows the total amount of BTC transferred to a crypto exchange from a personal wallet. As investors usually send their crypto to exchange wallets for cashing out, altcoin purchasing, etc., the indicator’s value going up would imply there is some selling pressure in the market. A strong increase in the inflow metric can have direct effects on the price, which usually shows as a drop just a few hours later. Related Reading | Fear And Greed: Sentiment Turns Neutral As Bitcoin Stagnates, What To Do? Now, here is a chart that shows the trend in the value of the BTC inflow for Binance: The BTC inflow for Binance shot up earlier today | Source: CryptoQuant As the above graph shows, there was a sharp spike in the Bitcoin inflow for the crypto exchange Binance. This inflow’s value was around 12k BTC, worth around $470.6 million at the current rate. The chart also displays the curve for BTC’s price. It looks like just a few hours after this spike occurred, the crypto dropped in value by about 5%. Related Reading | How A Hammer & The Golden Ratio Could Mean 6 More Months ...

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