Binance, the largest crypto exchange in the world, recently saw a massive Bitcoin inflow which was eerily reminiscent of the bear market capitulation of 2018.
According to data that was received from CryptoQuant, an on-chain analytics platform, it was understood that on the 18th of November, a giant tranche of around 60,000 BTC entered the wallet of this crypto exchange. Currently, one would rightfully assume that the price contagion fears of BTC due to the insolvencies of FTX are on the rise. But, according to the latest on-chain figures from the crypto exchange, one could identify an additional catalyst for the nervous markets- where the exchange has been witnessing its biggest daily inflow still on record. On the 18th of November, the analytics platform sent over data that put the current inflow at around 138,000 BTC for the day.
Binance Has Been Seeing Inordinate Bitcoin Inflows
In order to put this particular deposit in perspective- whilst taking into account multiple outflows, which were not just placed at Binance, but several other major exchanges throughout the world- the inflows are still the largest since the 30th of November, 2018. Just a few weeks after that the exchange bottomed out at $3,100, after falling by around 40%. For the crypto exchange itself, this move does imply that the reserves of Bitcoin are now higher than they were before the debacle of FTX- 573,000 compared to 513,000 on the 6th of November.
Incidentally, this particular scenario hasn’t escaped notice, with one commentator noting that just about 59,000 had come from a de-peg of Binance’s Bitcoin token. For those wondering, this token on the Chain comes with a publicly known reserve address.
