{"id":511939,"date":"2022-11-18T14:07:00","date_gmt":"2022-11-18T11:07:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-sees-record-138k-btc-inflows-as-opinions-differ-on-what-bitcoin-price-will-do-next\/"},"modified":"2022-11-18T14:07:00","modified_gmt":"2022-11-18T11:07:00","slug":"binance-sees-record-138k-btc-inflows-as-opinions-differ-on-what-bitcoin-price-will-do-next","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-sees-record-138k-btc-inflows-as-opinions-differ-on-what-bitcoin-price-will-do-next\/","title":{"rendered":"# Binance sees record 138K BTC inflows as opinions differ on what Bitcoin price will do next"},"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-6a3dbe29c9e54\" 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-6a3dbe29c9e54\" 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\/binance-sees-record-138k-btc-inflows-as-opinions-differ-on-what-bitcoin-price-will-do-next\/#%E2%80%9D_Binance_sees_record_138K_BTC_inflows_as_opinions_differ_on_what_Bitcoin_price_will_do_next_%E2%80%9C\" >&#8221; Binance sees record 138K BTC inflows as opinions differ on what Bitcoin price will do next &#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\/binance-sees-record-138k-btc-inflows-as-opinions-differ-on-what-bitcoin-price-will-do-next\/#Exchange_inflows_highest_since_late_2018\" >Exchange inflows highest since late 2018<\/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\/binance-sees-record-138k-btc-inflows-as-opinions-differ-on-what-bitcoin-price-will-do-next\/#Exchanges_week_of_heat\" >Exchanges&#8217; week of heat<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Binance_sees_record_138K_BTC_inflows_as_opinions_differ_on_what_Bitcoin_price_will_do_next_%E2%80%9C\"><\/span>&#8221; Binance sees record 138K BTC inflows as opinions differ on what Bitcoin price will do next &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-887bb764>Bitcoin (BTC) inflows to largest exchange Binance just saw a giant spike reminiscent of the 2018 bear market capitulation.<\/p>\n<p>Data from on-chain analytics platform <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\">CryptoQuant<\/a> shows that on Nov. 18, a giant tranche of almost 60,000 BTC entered Binance\u2019s wallet.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Exchange_inflows_highest_since_late_2018\"><\/span>Exchange inflows highest since late 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>BTC price contagion fears thanks to FTX insolvencies and related panic selling are ongoing.<\/p>\n<p>Now, the latest on-chain figures from Binance could provide an additional catalyst for nervous markets \u2014 the exchange has seen its daily biggest inflow on record.<\/p>\n<p>With Nov. 18 not over, partial data from CryptoQuant puts current inflows at over 138,000 BTC for the day so far.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/74962949-8380-4974-880c-8ca224c359c4.png\"><figcaption style=\"text-align: center;\"><em>Binance BTC inflows chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>To put the deposit in perspective, even taking into account outflows \u2014 not just at Binance, but other major exchanges \u2014 the inflows are still the largest since Nov. 30, 2018. Two weeks later, BTC\/USD bottomed at $3,100 after falling 40%.<\/p>\n<p>For Binance itself, meanwhile, the move means that its BTC reserves are now higher than before the FTX debacle began \u2014 573,000 compared to 513,000 on Nov. 6.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/43f99354-c05b-488c-96a1-4cdc71257263.png\"><figcaption style=\"text-align: center;\"><em>Binance BTC reserve chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>The event has not gone unnoticed, and one commentator was quick to note that just over 59,000 had come from a \u201cde-peg\u201d of Binance\u2019s Bitcoin BEP2 (BTCB) token.<\/p>\n<p>BTCB is a Bitcoin-backed token on Binance Chain with a publicly known <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/explorer.btc.com\/btc\/address\/3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb\">reserve address<\/a>. That wallet contained 68,200 BTC at the time of writing, having seen outflows of 127,351 BTC on the day.<\/p>\n<p>Unlike regular operations, however, the decrease in the BTCB market cap at the same time as the reserve decreased suggests that genuine selling is afoot, according to CryptoQuant CEO, Ki Young Ju.<\/p>\n<p>Ki <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1593472394282270721\">explained<\/a> the theory behind what he called \u201csellside pressure\u201d in a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> thread:<\/p>\n<blockquote><p>\u201cRationale:\u00a0&#8211; If you&#8217;re CZ, why do you unpeg Bitcoins from BNB chain? Your goal is to support projects on BNB chain.\u00a0&#8211; No announcements from Binance means it&#8217;s customer or investor&#8217;s money.\u00a0So I think this activity was highly likely from customer(s) who are in urgent situation.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/ab6991be-6b59-41cc-90e4-faf62328837c.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin BEP2 (BTCB) reserve address transaction summary (screenshot). Source: BTC.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Exchanges_week_of_heat\"><\/span>Exchanges&#8217; week of heat<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Opinions were nonetheless far from aligned on the issue, with others arguing that the giant inflows were simply internal reorganization, which would have no further repercussions.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin price target now $13.5K as BTC trader says \u2018exit all the markets\u2019<\/em><\/strong><\/p>\n<p>\u201cBinance saw a large inflow of up to 127,351 bitcoins and a large outflow of nearly 50,000 bitcoins today. On-chain verification shows that these inflows and outflows are organized by internal wallets, which are transfers between cold wallets and wallets for proof of reserves,\u201d cryptocurrency journalist Colin Wu <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1593487878788894725\">stated<\/a> in a widely-reproduced tweet.<\/p>\n<p>\u201cI don&#8217;t really understand the Jump rumors,\u201d Andrew T, a technician at analytics platform Nansen, tweeted about the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> inflow tally to Binance. <\/p>\n<blockquote><p>\u201cThere have been some massive outflows past seven days, but also inflows elsewhere. \u2018they&#8217;re transferring to Binance to dump\u2019 doesn&#8217;t seem right.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/5e181ae2-f4c8-4ef8-8c97-801ccb392c0c.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin exchange BTC netflow chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>As Cointelegraph reported, exchange users withdrew over $3 billion in the days following FTX going under, a trend which continues.<\/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<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\/binance-sees-record-138k-btc-inflows-as-opinions-differ-on-what-bitcoin-price-will-do-next\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Binance sees record 138K BTC inflows as opinions differ on what Bitcoin price will do next &#8220; Bitcoin (BTC) inflows to largest exchange Binance just saw a giant spike reminiscent of the 2018 bear market capitulation. Data from on-chain analytics platform CryptoQuant shows that on Nov. 18, a giant tranche of almost 60,000 BTC&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvOGRkODg0MGQtMDFmOC00NDllLWJkOTgtZDU3MDNlNGUzNmNiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74862,74937,74860,73785],"class_list":["post-511939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrency-exchange","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511939","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=511939"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511939\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511940"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}