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.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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exchange68September 13, 2024

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