On-chain data shows the amount of Bitcoin has been flowing in Binance for 10 days now, indicating that investors have been looking to sell.
Bitcoin Exchange Netflow Has Been Positive For Binance Recently
As noted by CryptoQuant author Darkfrost in X postinvestors have been putting their Bitcoin to Binance in the near future. The key metric here is “Netflow exchange,” which tracks the amount of BTC moving in or out of wallets connected to centralized exchanges.
When the value of the metric is positive, it means that the owner is transferring the number of tokens to the platform. One of the main reasons why they invest in the stock exchange is for trading purposes, this type of behavior can have a bearish effect on the price of the stock.
On the other hand, a sign that is below zero indicates that discounting is managing deposits on the exchange. Such a trend could be a sign that investors are piling up, which naturally could be BTC. Now, here is a chart shared by Darkfrost that shows the trend in Bitcoin Exchange Netflow for Binance, the largest trading platform, in the last ten days:
As shown in the image above, Binance Bitcoin Exchange Netflow has remained at a positive level throughout this window, meaning that all funds have been generated. The amount of money inflows varies daily, but there has been a significant increase in the amount of BTC deposited into exchanges in the last 10 days.
Specifically, May 16 saw a net of 378 BTC entering the wallets associated with Binance, while today the same number has risen to 1,190 BTC. This means that the income has tripled during this period. “The biggest single day recorded at 3,600 BTC on May 18th, the highest level for a single day that shows the growth of the movement,” said the analyst.
Fixed deposits mean that Exchange Reserve of Binance (that is, the amount of Bitcoin sitting on the platform) has followed an uptrend recently.
From the chart, it is clear that the Bitcoin Exchange Reserve on Binance hit a low of 616,000 BTC on April 24. The metric rose to 632,000 BTC, which means a total of 16,000 BTC on the exchange. “When stocks become large and volatile on a platform like Binance, this is interpreted as a sell signal,” Darkfrost said.
The price of BTC shares
At the time of writing, Bitcoin is trading at around $77,400, unchanged from a week ago.
