Spot BTC worth $200M re-enters exchanges on Binance following Genesis bankruptcy news Definition
- Breakdown of the net flow of coins into/out of exchanges by the USD value of the transactions.ย ย
Quick Take
- $200M of Bitcoin (BTC) went back onto Binance, Jan. 20 โ 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.ย
![Bitcoin: Net Transfer Volume from/to Exchanges Breakdown by Size [USD]: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2023/01/binance.png)
Bitcoin: Net Transfer Volume from/to Exchanges Breakdown by Size [USD]: (Source: Glassnode)
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
