Bitcoin floods Binance with $300M in deposits in past 48 hours

exchange681 week ago

0 3 1 minute read

Quick Take

Over the past two days, Binance has seen an influx of Bitcoin amounting to more than $300 million, according to data reported by CryptoSlate and Glassnode. This surge is marked by two substantial inflows, with roughly $200 million returning to the exchange on Oct. 11 and an additional inflow of approximately $120 million on Oct. 12.

Currently, Binance holds around 682,000 BTC, a sum that is approximately 70,000 BTC less than its all-time high observed in May 2023. Notably, this figure represents about 3.5% of all Bitcoin currently held on exchanges. The data suggests a considerable concentration of Bitcoin on Binance, underlining the platform’s prominence.

These inflows indicate the activity of ‘whale’ or large-scale investors, given that the bulk of these transactions range from $1M to $10M. These substantial inflows represent significant market movements that CryptoSlate will continue to track.

Net Transfer volume: (Source: Glassnode)

Binance Bitcoin Balance: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

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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