Spot BTC worth $200M re-enters exchanges on Binance following Genesis bankruptcy news
Market volatility is coming from Binance as the result of large purchases and withdrawals of Bitcoin (BTC).
Definition
- Breakdown of the net flow of coins into/out of exchanges by the USD value of the transactions.
Quick Take
- $200M of Bitcoin (BTC) went back onto Binance, Jan. 20 — a similar amount to Jan. 13, which took BTC over $21,000.
- The transfer is primarily institutional, as it is more than $10 million.
- With Genesis filing bankruptcy, it is encouraging to see BTC holding above $20,000.
- The substantial transfers are coming from Binance, which is sparking market volatility.
![Bitcoin: Net Transfer Volume from/to Exchanges Breakdown by Size [USD]: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/01/binance.png)
![Bitcoin: Net Transfer Volume from/to Exchanges Breakdown by Size [USD]: (Source: Glassnode)](data:image/svg+xml,%3Csvg%20xmlns=%22http://www.w3.org/2000/svg%22%20viewBox=%220%200%201800%201013%22%3E%3C/svg%3E)
Bitcoin: Net Transfer Volume from/to Exchanges Breakdown by Size [USD]: (Source: Glassnode)
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James Van Straten · 5 days ago
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