#binance Received Almost $200M In Bitcoin Inflows As #BTC Fell Below $27,000: Data
On-chain data shows Binance observed Bitcoin inflows of almost $200 million a couple of days back as $BTC saw its plunge below $27,000.
Binance Has Recently Received Large Bitcoin Deposits
As pointed out by analyst James V. Straten in a post on X, inflows have recently occurred on the cryptocurrency exchange Binance. The relevant indicator here is the “exchange netflow volume,” which keeps track of the net amount of Bitcoin entering into or exiting the wallets of a given #centralized exchange.
When the value of this metric is negative, it means that the exchange is seeing outflows of a net number of coins right now. As investors generally withdraw their coins from platforms like these to hold onto them for extended periods in self-custodial wallets, this kind of trend can be for the price.