{"id":610271,"date":"2024-05-28T21:00:40","date_gmt":"2024-05-28T21:00:40","guid":{"rendered":"https:\/\/uniquehot.com\/?p=610271"},"modified":"2024-06-11T08:24:12","modified_gmt":"2024-06-11T08:24:12","slug":"bitcoin-inflow-to-exchanges-at-2016-levels-impact-on-price-will-be-low-even-if-mt-gox-sells","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-inflow-to-exchanges-at-2016-levels-impact-on-price-will-be-low-even-if-mt-gox-sells\/","title":{"rendered":"Bitcoin Inflow To Exchanges At 2016 Levels, Impact On Price Will Be Low Even If Mt. Gox Sells"},"content":{"rendered":"

Bitcoin briefly shot over $70,000 yesterday before plunging below $69,000 to spot rates. While there are hints of weakness, one analyst on X notes that inflow to exchanges like Binance and OKX is subdued, meaning that users are not keen to sell despite prices tanking and failing to break $72,000.<\/span><\/p>\n

Bitcoin Inflow To Exchanges Remain Low<\/span><\/h2>\n

The analyst notes<\/a> that exchange inflows are low at spot rates. As of May 28, exchanges received just 25.9K BTC daily. From historical exchange inflow data from CryptoQuant, the current inflow rate is at the 2016 level.\u00a0<\/span><\/p>\n

\"BTC
BTC exchange inflow | Source: @AxelAdlerJr via X<\/figcaption><\/figure>\n

There was a sharp pick-up in momentum after 2016, but the inflow to exchanges has been shrinking since the beginning of the year. It should be noted that the United States Securities and Exchange Commission (SEC) approved nine spot Bitcoin exchange-traded funds (ETFs) aro<\/span>und this time<\/span>.\u00a0<\/span><\/p>\n

Related Reading: Bullish Bitcoin: Expert Cites $123,832 Target Based On Past Trends<\/a><\/div>\n

With this product in the United States, some large whales likely decided to convert their coins and hold ETFs instead. In this way, they diverted custody to an approved custodian, depending on the spot Bitcoin ETF<\/a> issuer they chose.<\/span><\/p>\n

Mt. Gox Moving BTC: How Will Prices React If They Sell?<\/span><\/h2>\n

While the average inflow to exchanges is at 2016 levels, there might be changes in the coming months. On May 28, Mt. Gox, the defunct crypto exchange hacked in 2014, moved over<\/a> $9.4 billion of BTC, data from Token Unlocks show.
\n<\/span><\/p>\n

\"Mt.
Mt. Gox moving BTC | Source: Token Unlocks<\/figcaption><\/figure>\n

This unexpected transfer sparked market concerns. Currently, the intention remains unknown. Still, the implications could be dire if they decide to liquidate on exchanges.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Even with this possibility, the analyst argued that BTC’s low average exchange inflow to exchanges would be a timely cushion. Should Mt.Gox creditors decide to sell, the analyst believes the market will easily absorb this sell-off despite increased initial volatility. What this means is that the price impact will be minimal.
\n<\/span><\/p>\n

Related Reading: Polkadot (DOT) Price Prediction: Analyst Sparks Bullish Frenzy With $10 Target<\/a><\/div>\n

Before being hacked and losing over 800,000 BTC, Mt. Gox was a popular Bitcoin exchange. At one point, it commanded over 70% of all global BTC trading volume. In the next few months, victims of the unfortunate hack will be compensated.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin briefly shot over $70,000 yesterday before plunging below $69,000 to spot rates. While there are hints of weakness, one analyst on X notes that inflow to exchanges like Binance and OKX is subdued, meaning that users are not keen to sell despite prices tanking and failing to break $72,000. Bitcoin Inflow To Exchanges Remain Low The analyst notes that exchange inflows are low at spot rates. As of May 28, exchanges received just 25.9K BTC daily. From historical exchange inflow data from CryptoQuant, the current inflow rate is at the 2016 level.\u00a0 There was a sharp pick-up in momentum after 2016, but the inflow to exchanges has been shrinking since the beginning of the year. It should be noted that the United States Securities and Exchange Commission (SEC) approved nine spot Bitcoin exchange-traded funds (ETFs) around this time.\u00a0 Related Reading: Bullish Bitcoin: Expert Cites $123,832 Target Based On Past Trends With this product in the United States, some large whales likely decided to convert their coins and hold ETFs instead. In this way, they diverted custody to an approved custodian, depending on the spot Bitcoin ETF issuer they chose. Mt. Gox Moving BTC: How Will Prices React If They Sell? While the average inflow to exchanges is at 2016 levels, there might be changes in the coming months. On May 28, Mt. Gox, the defunct crypto exchange hacked in 2014, moved over $9.4 billion of BTC, data from Token Unlocks show. This unexpected transfer sparked market concerns. Currently, the intention remains unknown. Still, the implications could be dire if they decide to liquidate on exchanges. Even with this possibility, the analyst argued that BTC’s low average exchange inflow to exchanges would be a timely cushion. Should Mt.Gox creditors decide to sell, the analyst believes the market will easily absorb this sell-off despite increased initial volatility. What this means is that the price impact will be minimal. Related Reading: Polkadot (DOT) Price Prediction: Analyst Sparks Bullish Frenzy With $10 Target Before being hacked and losing over 800,000 BTC, Mt. Gox was a popular Bitcoin exchange. At one point, it commanded over 70% of all global BTC trading volume. In the next few months, victims of the unfortunate hack will be compensated. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":608656,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87302,679,78790,3066,89583],"class_list":["post-610271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-inflow","tag-bitcoin-price","tag-btcusdt","tag-mt-gox","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nBitcoin Inflow To Exchanges At 2016 Levels, Impact On Price Will Be Low Even If Mt. Gox Sells<\/title>\n<meta name=\"description\" content=\"Bitcoin inflow to exchanges is at 2016 levels. One analyst on X thinks even if Mt. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Inflow To Exchanges At 2016 Levels, Impact On Price Will Be Low Even If Mt. 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