{"id":463110,"date":"2022-06-15T10:35:50","date_gmt":"2022-06-15T07:35:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/biggest-bitcoin-exchange-inflows-since-2018-put-potential-20k-bottom-at-risk\/"},"modified":"2022-06-15T10:35:50","modified_gmt":"2022-06-15T07:35:50","slug":"biggest-bitcoin-exchange-inflows-since-2018-put-potential-20k-bottom-at-risk","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/biggest-bitcoin-exchange-inflows-since-2018-put-potential-20k-bottom-at-risk\/","title":{"rendered":"# Biggest Bitcoin exchange inflows since 2018 put potential $20K bottom at risk"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a282787bb552\" 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-6a282787bb552\" 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-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/biggest-bitcoin-exchange-inflows-since-2018-put-potential-20k-bottom-at-risk\/#%E2%80%9D_Biggest_Bitcoin_exchange_inflows_since_2018_put_potential_20K_bottom_at_risk_%E2%80%9C\" >&#8221; Biggest Bitcoin exchange inflows since 2018 put potential $20K bottom at risk &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/biggest-bitcoin-exchange-inflows-since-2018-put-potential-20k-bottom-at-risk\/#Major_exchanges_finish_up_83000_BTC_in_a_single_day\" >Major exchanges finish up 83,000 BTC in a single day<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/biggest-bitcoin-exchange-inflows-since-2018-put-potential-20k-bottom-at-risk\/#FTX_Binance_see_particularly_heavy_selling\" >FTX, Binance see particularly heavy selling<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Biggest_Bitcoin_exchange_inflows_since_2018_put_potential_20K_bottom_at_risk_%E2%80%9C\"><\/span>&#8221; Biggest Bitcoin exchange inflows since 2018 put potential $20K bottom at risk &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin (BTC) could be on the verge of a retail major sell-off as exchange inflows spike to almost three-and-a-half-year highs.<\/p>\n<p>Data from on-chain analytics platform <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/asset\/btc\/chart\/exchange-flows\/exchange-netflow-total?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=column\">CryptoQuant<\/a> shows users of 21 major exchanges sending coins to their wallets en masse June 14.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Major_exchanges_finish_up_83000_BTC_in_a_single_day\"><\/span>Major exchanges finish up 83,000 BTC in a single day<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As BTC\/USD fell to lows of $20,800, panic <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 to set in among traders, and despite a reversal that at one point topped $23,000, few seemed willing to trust that the worst was over.<\/p>\n<p>Since then, spot price action has returned to near $21,000, while 24-hour exchange inflows reached 59,376 BTC.<\/p>\n<p>According to CryptoQuant data, this is the largest daily inflow since November 30, 2018. On that day, exchanges recorded 83,481 BTC of net inflows. <\/p>\n<p>May 9, 2022 ended with 29,082 BTC in net inflows for the platforms monitored by CryptoQuant.<\/p>\n<p>Concerns may thus now turn to whether even more sell-side pressure will emerge in Bitcoin markets over the coming days and weeks. Around a month after the 2018 influx, BTC\/USD hit its cycle bottom of $3,100, 84% below its prior all-time high of $20,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/96775d4d-84a6-4d40-9717-2f6ea71523ee.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin exchange netflows chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>As Cointelegraph reported, analysts are of mixed opinion when it comes to whether Bitcoin will repeat the trend this cycle. An 84% drawdown would mean a bottom of just $11,000.<\/p>\n<p>In a separate analysis of the price situation, statistician Willy Woo concluded that macro market movements would dictate Bitcoin&#8217;s bottom.<\/p>\n<p>&#8220;I think it&#8217;s simpler than this, IMO we&#8217;ll find a bottom when macro markets stabilise,&#8221; part of a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> thread contemplating various price support theories <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1536757079217537024\">read<\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"FTX_Binance_see_particularly_heavy_selling\"><\/span>FTX, Binance see particularly heavy selling<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Analyzing who has been selling so far, meanwhile, CryptoQuant CEO, Ki Young Ju, pointed the finger at derivatives traders and largest global exchange Binance.<\/p>\n<p><strong><em>Related:\u00a0&#8216;Too early&#8217; to say Bitcoin price has reclaimed key bear market support \u2014 Analysis<\/em><\/strong><\/p>\n<p>Ki noted that the largest number of coin days destroyed \u2014 unmoved coins becoming active after a dormant period \u2014 came from those specific venues.<\/p>\n<p>\u201cThis selling pressure came from Binance and FTX,\u201d he wrote in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1536426513763016705\">Twitter thread<\/a> June 13.<\/p>\n<blockquote><p>\u201c$BTC Exchange Inflow CDD(Coins Days Destroyed) indicates old whale deposits. Binance&#8217;s Inflow CDD reached a year-high before the drop.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/33a16d2e-71b5-4c3f-ba09-a9352cb339db.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin coin days destroyed for Binance, FTX (screenshot). Source: Ki Young Ju\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Ki added that this was in contrast to other whales, who have been comparatively quiet throughout the price upheaval, which began with May\u2019s Terra LUNA implosion.<\/p>\n<p>Data from on-chain analytics resource <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/funding\/BTC\">Coinglass<\/a> meanwhile shows the extent of downside bias on FTX especially in recent days.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/014f764a-f735-4b4d-bf60-33091e22d6dd.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin funding rates for Binance, FTX. Source: Coinglass<\/em><\/figcaption><\/figure>\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<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/biggest-bitcoin-exchange-inflows-since-2018-put-potential-20k-bottom-at-risk\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Biggest Bitcoin exchange inflows since 2018 put potential $20K bottom at risk &#8220; Bitcoin (BTC) could be on the verge of a retail major sell-off as exchange inflows spike to almost three-and-a-half-year highs. Data from on-chain analytics platform CryptoQuant shows users of 21 major exchanges sending coins to their wallets en masse June 14&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":463111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvNWUzZDUwZTEtY2Q1Yy00NjNmLWE5M2QtYWRkM2U4NjViZTYyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74860,73785],"class_list":["post-463110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrency-exchange","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463110","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=463110"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/463110\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/463111"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=463110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=463110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=463110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}