Quick Take
- CryptoSlate reported that if the price of the token BNB were to fall past $220, this could create a $200 million liquidation.
- In the past month, BNB has dropped 20%, fell as low as $224, but is now back up around $247.
- Reports from the Twitter account Skew suggest that a trend has emerged since 27 May.
- Bitcoin is being sold off for USDT.
- USDT has been used to purchase BNB aggressively since 27th May.
- BNB is also being sold for BUSD, which suppresses the volatility in BTC.
- Finally, BUSD is being traded into BTC, suppressing downside volatility, meaning BTC can be swapped out for USDT, completing the cycle.
- Therefore, the Bitcoin selling pressure seems to be coming from the Binance exchange, though whether a single entity is behind any of the mentioned trades is unclear.
- CZ has denied the claims that Binance has sold BTC or BNB, as per community concerns.
Analyst
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
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