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Binance recorded the largest monthly inflow of Bitcoin and Ether
This is the largest inflow of the two biggest cryptocurrencies to the exchange in a month. However, real demand for buying these assets has not yet been observed.
“Such large transfers of cryptocurrencies from wallets to the exchange usually signal either preparation for selling assets or the use of these funds as collateral on derivatives markets,” explained CryptoOnchain specialists.
Since October, the pace of Bitcoin accumulation has slowed, but the average size of deposits on Binance has increased. At the same time, the volume of withdrawals from the exchange shows a sharp decline:
CryptoOnchain analysts believe that the increase in seller pressure and the decrease in interest from major players in long-term holding of assets may become an obstacle to the growth of quotations of the main cryptocurrencies in the short-term and medium-term perspective.
Just recently, experts from the CryptoQuant platform noted that the volume of Bitcoin transfers to Binance had noticeably fallen. The reason is the reduced willingness of large investors to sell the first cryptocurrency.
See also: "Binance has banned Ukrainian clients from withdrawing money to cards"
