{"id":341833,"date":"2021-09-20T15:38:18","date_gmt":"2021-09-20T12:38:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-extends-slide-below-43k-as-binances-btc-stash-grows-to-may-crash-levels\/"},"modified":"2021-09-20T15:38:18","modified_gmt":"2021-09-20T12:38:18","slug":"bitcoin-extends-slide-below-43k-as-binances-btc-stash-grows-to-may-crash-levels","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-extends-slide-below-43k-as-binances-btc-stash-grows-to-may-crash-levels\/","title":{"rendered":"# Bitcoin extends slide below $43K as Binance\u2019s BTC stash grows to May-crash levels"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a38ccc7662d6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a38ccc7662d6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-extends-slide-below-43k-as-binances-btc-stash-grows-to-may-crash-levels\/#Binance_BTC_reserves_buck_the_trend\" >Binance BTC reserves buck the trend<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-extends-slide-below-43k-as-binances-btc-stash-grows-to-may-crash-levels\/#Bitcoin_trading_at_300_premium_on_Binance\" >Bitcoin trading at $300 premium on Binance<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin extends slide below $43K as Binance\u2019s BTC stash grows to May-crash levels   <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Despite Bitcoin (BTC) dropping below the $43,000 mark on Monday, the outflow of BTC from exchanges has continued in a multi-month trend, particularly on Coinbase Pro.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/a8fdc5bf-9f0b-440f-93a7-c2d76c2b34e6.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 4-hour candle chart, Coinbase. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Over the past month, the amount of Bitcoin held in Coinbase Pro\u2019s vaults dropped by 28,843.87 BTC. Similarly, other crypto exchanges, including Kraken, OKEx, Bitfinex and Huobi, also experienced a drop in their Bitcoin holdings, with the withdrawn amount totaling 30,236 BTC across the board.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/0419d39f-619f-4ff9-9114-dd3df85f1c1e.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin balance on Coinbase Pro. Source: Bybt<\/em><\/figcaption><\/figure>\n<p>On-chain analysts perceive falling Bitcoin reserves\u00a0as a bullish signal. <\/p>\n<p>That is primarily because most traders move their BTC assets to exchanges only when they prefer to trade them for other assets \u2014 be it fiat currencies or altcoins. As a result, the exchange balance serves as a metric to gauge traders\u2019 sentiments for the underlying asset.<\/p>\n<p>As a result, Coinbase Pro\u2019s declining Bitcoin reserves hint at its traders\u2019 intention to hold BTC instead of selling it. But, at the same time, its top rival, Binance, has been playing a spoilsport.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Binance_BTC_reserves_buck_the_trend\"><\/span>Binance BTC reserves buck the trend<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>However, data also shows that the Bitcoin balance in Binance wallets has risen to 29,717\u00a0BTC in the last 30 days, which is more than the amount Coinbase Pro withdrew from its vaults.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/8cd98172-2381-42bb-8808-9521118e8de8.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin balance on Binance. Source: Bybt<\/em><\/figcaption><\/figure>\n<p>As the world\u2019s leading crypto exchange by volume, Binance enjoys a certain influence on the market due to its global outreach. The exchange\u2019s rising Bitcoin balances suggest that its users could sell an increasing amount of BTC, the opposite of the trend seen on Coinbase.<\/p>\n<p>The increase in Bitcoin reserves on Binance\u00a0also reached levels that followed up with the market sell-offs during the second quarter of 2021.\u00a0Notably, the Bitcoin balance on the exchange spiked from 199,700 BTC on April 20 to 347,590 BTC on June 26. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/68f625ef-86be-4170-a3c2-9302b6fe0c06.jpg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin balance on Binance between April 20 and June 26. Source: Bybt<\/em><\/figcaption><\/figure>\n<p>The same period saw BTC\/USD drop from around $65,000 to below $30,000, including the notorious May 19 crash when Bitcoin plunged by more than 30%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_trading_at_300_premium_on_Binance\"><\/span>Bitcoin trading at $300 premium on Binance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The massive spike in Bitcoin reserves on Binance also coincided with premium BTC\/USD bids on the exchange, with the BTC spot price being almost $400 higher on Binance than on Coinbase.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/a93c757f-9b22-49a2-a366-0155c02e8335.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin prices on Binance vs. Coinbase. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The vast price difference created arbitrage trading opportunities, coinciding with Binance\u2019s Bitcoin reserves adding 1,529 BTC in the previous 24 hours compared to Coinbase that processed withdrawals of 579 BTC.<\/p>\n<p><strong><em>Related:\u00a0Does Evergrande\u2019s $300B debt crisis pose systemic risk to the crypto industry?<\/em><\/strong><\/p>\n<p>As a reminder, exchanges still processed more than 30,000 BTC in withdrawals in the past 30 days, signaling that traders overall wanted to hold their crypto rather than sell it for other assets. <\/p>\n<p>But given Binance\u2019s trading volumes (~$24 billion) in the previous 24 hours were six times higher than Coinbase Pro\u2019s (~$4.23 billion) at press time \u2014 as per data collected from CoinMarketCap \u2014 the probability of an interim Bitcoin price drop <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared high.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Source: TradingView Over the past month, the amount of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":341834,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvZTM2ZDYyNjUtMDgxNC00MmJiLWFhMGUtYmFmMWZhMWJlZWNjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79806,75014,74862,81951,74937,74982,74956,76153,75849,74939,76514,4973,70550,70551,73785,70359],"class_list":["post-341833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-analysis","tag-binance","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-btc-markets","tag-coinbase","tag-dollar","tag-etf","tag-market-analysis","tag-stock-market-indexes","tag-china","tag-federal-reserve","tag-inflation","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/341833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=341833"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/341833\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/341834"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=341833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=341833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=341833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}