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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin Bear

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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:

Bitcoin Inflow To 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 Of Bullish Bitcoin

And it makes sense as movement of 12k BTC is quite significant, and a spike like this might mean there is some short-term selling pressure in the market.

While this inflow was quite significant, another indicator, the Bitcoin all exchanges netflow, shows that there was outflow of about 19k BTC from all exchanges. This more than makes up for the inflow to Binance, hence the exchange reserve overall still looks to be down.

Bitcoin exchange reserve

After plummeting, the Bitcoin exchange reserve continues to be down | Source: CryptoQuant

BTC Price

At the time of writing, Bitcoin’s price floats around $k, down % in the last 7 days. Over the past month, the cryptocurrency has amassed % in gains.

Below is a chart that shows the trend in the price of the coin over the last 6 months.

Bitcoin Price Chart

BTC's price zig-zags below the $40k resistance level | Source: BTCUSD on TradingView

After enjoying a refreshing period of prolonged uptrend, Bitcoin’s price fell down after peaking at $42k. Now, it seems to be range bound below the $40k mark as the coin can’t seem to break it again.

It’s unclear where the price will head from here. It could either continue to be stuck in this range bound environment below the $40k level, or perhaps it will have a breakthrough soon, and a bull run will ensue as hinted by the Bitcoin bullish crossover.

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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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