On-chain data shows the Bitcoin exchange inflow towards Binance has spiked during the past day, which may be bearish for the price. Bitcoin Exchange Inflow Has Registered A Large Spike As an analyst in a CryptoQuant post pointed out, a whale has made a large deposit to the cryptocurrency exchange Binance. The relevant indicator here is the “exchange inflow,” which measures the total amount of Bitcoin that investors send to a specific centralized exchange (which, in this case, is Binance). When the value of this metric is high, it means that the holders are depositing large amounts to the platform right now. The investors may have made these transfers for selling-related purposes, depending on which type of exchange these inflows are for. Naturally, if that is the case, the price could feel a bearish effect from the inflows. On the other hand, low values imply the exchange in question isn’t receiving that many coins currently. Such a trend would imply that the market’s selling pressure may be low. Related Reading: Bitcoin Has Broken This Ope ..
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