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Spot BTC worth $200M re-enters exchanges on Binance following Genesis bankruptcy news
Market volatility is coming from Binance as the result of large purchases and withdrawals of Bitcoin (BTC).
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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)](https://cryptoslate.com/wp-content/uploads/2023/01/binance.png)
Bitcoin: Net Transfer Volume from/to Exchanges Breakdown by Size [USD]: (Source: Glassnode)
$77,644.75 +0.88% (24H)
- Market Cap
- $1.56T
- 24H Volume
- $26.53B
- Circulating Supply
- 20.03M
- Dominance
- 60.2%
