On-chain study reveals massive Bitcoin withdrawals from Binance, a cryptocurrency exchange. BTC could continue to rise and break the $40k barrier. Binance is seeing a lot of Bitcoin outflows.
According to a post on CryptoQuant, the crypto exchange saw massive withdrawals of BTC on Monday.
The Binance Outflows indicator indicates how much Bitcoin has been transferred from Binance's exchange wallets to personal or other exchange wallets.
Inflows, on the other hand, reveal how much BTC was sent into Binance wallets from other wallets.
The Binance Bitcoin netflow, which is just the inflow minus the outflow, is the most interesting statistic here. The crypto exchange is currently experiencing two massive outflows, as shown in the graph above. One was worth more than 10k BTC, while the other was worth over 31k BTC!
There also appears to be a 10k inflow, which is comparable to the value of one of the outflows. Yes, this inflow and outflow are the same transaction between Binance internal wallets, according to http://chain.info.
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