Insights

Spot BTC worth $200M re-enters exchanges on Binance following Genesis bankruptcy news

exchange68September 13, 2024

0 0 1 minute read

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)

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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