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The community analyst at the on-chain analytics firm CryptoQuant has pointed out how this Bitcoin indicator has been aligning with price tops.
Bitcoin Binance Whale To Exchange Flow Shows An Interesting Pattern
In a new post on X, CryptoQuant community analyst Maartunn has talked about the trend in the Bitcoin Exchange Whale Inflow for the cryptocurrency exchange Binance.
The “Exchange Whale Inflow” here refers to an on-chain metric that measures the total amount of the asset that the whale entities are transferring to a given centralized exchange.
When the value of this indicator is high, it means the whales are depositing a large number of tokens to the platform. Such a trend can be a sign that these large entities are looking to sell, which can be a bearish sign for the asset’s price.
On the other hand, the metric being low suggests this cohort may be accumulating or just not planning to distribute, which can naturally be a bullish sign for BTC.
Now, here is the chart shared by the analyst, that shows the trend in the 30-day sum of the Bitcoin Exchange Whale Inflow for Binance over the last couple of months:
As displayed in the above graph, the 30-day Bitcoin Exchange Whale Inflow for Binance has recently witnessed a sharp climb, which suggests large deposits to the platform have been on the rise.
Maartunn has discovered a pattern related to what usually happens whenever the metric shows a trend like this one. From the chart, it’s visible that spikes in the indicator have come around tops in the cryptocurrency’s price.
This relationship hasn’t been exact, but it’s true that BTC has witnessed some kind of peak shortly before or shortly after a strong surge in the Binance Exchange Whale Inflow.
Whales are the largest of investors in the sector and Binance is the largest exchange, so it makes sense that the combined behavior related to the two would have noticeable implications for Bitcoin.
Following the recent increase, the 30-day Binance Exchange Whale Inflow has reached a value of $7.3 billion, which is the highest that it has been in around three months. It now remains to be seen whether these high deposits would have a similar effect on the asset as before or not.
BTC Price
Bitcoin has continued to display volatility in both directions during the last few days as its price has been wobbling up and down, with neither bulls nor bears gaining control. At present, the asset is trading around $89,500.
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.
Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.
In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.
Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.
Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..
Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.
Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.
As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.
Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.
Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
