Yesterday, there was a significant influx of Bitcoin into exchanges, totaling around 8,000 Bitcoins or approximately $200 million. This influx signals a notable shift in the dynamics of the crypto market. Most of these transactions ranged from $1 million to $10 million, indicating the involvement of large-scale investors, also known as “whales.” This is particularly notable as Bitcoin’s price fell below $27,000.
This influx of Bitcoins is part of a trend that has been observed multiple times throughout 2023. Similar inflows were seen in March after the collapse of SVB, as well as in April, July, and September. It is worth noting that the inflows in April and July occurred after Bitcoin hit $30,000, suggesting that investors were taking profits. On the other hand, the inflows in mid-April and September happened after Bitcoin’s price failed to stay above $25,000. These instances highlight the correlation between significant market events, price fluctuations, and large-scale inflows.
In conclusion, while there is a historical correlation between inflows and market events during 2023, there is no definitive link that exclusively ties them to either bullish or bearish market conditions. Additionally, it is interesting to note that the majority of the inflows on October 11th were recorded on the Binance platform, making it the seventh-largest inflow on the platform this year.
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