{"id":652797,"date":"2024-11-13T08:00:05","date_gmt":"2024-11-13T08:00:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=652797"},"modified":"2024-11-12T17:21:55","modified_gmt":"2024-11-12T17:21:55","slug":"short-term-bitcoin-holders-move-millions-to-binance-is-a-market-correction-imminent","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/short-term-bitcoin-holders-move-millions-to-binance-is-a-market-correction-imminent\/","title":{"rendered":"Short-Term Bitcoin Holders Move Millions To Binance\u2014Is A Market Correction Imminent?"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Bitcoin has been on a major upward trajectory, recently <a href=\"https:\/\/uniquehot.com\/news\/bitcoin-price-signals-bullish\/\" target=\"_blank\" rel=\"noopener \">hitting an all-time high (ATH)<\/a> of above $89,000. As this milestone was crossed, a notable trend emerged with short-term holders transferring their holdings to major exchanges, particularly Binance.<\/p>\n<p data-pm-slice=\"1 1 []\">According to CryptoQuant analyst Joao Wedson, this behavior <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6732e22ddf97c12c0bef5d28-Bitcoin-on-the-Rise-as-Short-Term-Holders-Send-BTC-to-Binance-Selling-Pressure-A\" target=\"_blank\" rel=\"noopener nofollow\">suggests<\/a> that investors with shorter time horizons may be positioning themselves to take profits, leading to potential selling pressure in the market.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/201529\/quicktake\/NTOjf_2fbd723621217878423bc722e5f28bee095f48b408d2bf7bcec9cc9ac7aa1802.png?resize=1280%2C720&#038;ssl=1\" alt=\"Bitcoin exchange inflow.\" width=\"1280\" height=\"720\"><figcaption class=\"wp-caption-text\">Bitcoin exchange inflow. | Source: CryptoQuant<\/figcaption><\/figure>\n<h2 data-pm-slice=\"1 1 []\">What To Watch Out For<\/h2>\n<p data-pm-slice=\"1 1 []\">Wedson highlighted that the concentration of Bitcoin deposits to a single exchange like Binance is worth close monitoring, as it could impact liquidity and price stability on the platform, potentially<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-bitcoin-now-overheating-key-metrics-reveal-crucial-insights-for-investors\/\" target=\"_blank\" rel=\"noopener \"> reverberating through the broader market<\/a>.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-bitcoin-now-overheating-key-metrics-reveal-crucial-insights-for-investors\/\" target=\"_blank\" rel=\"noopener \">Is Bitcoin Now Overheating? Key Metrics Reveal Crucial Insights For Investors<\/a><\/div>\n<p data-pm-slice=\"1 1 []\">The CryptoQuant analyst emphasized three areas for market participants to watch closely. First, tracking the flow of BTC to exchanges, especially Binance, can provide insights into the potential scale of selling intent among short-term holders.<\/p>\n<p data-pm-slice=\"1 1 []\">As more coins flow to a major exchange, the potential for market impact rises, making it crucial to gauge the extent of any impending sell-off.<\/p>\n<p data-pm-slice=\"1 1 []\">Second, the impact on price volatility is expected to be significant as concentrated selling or profit-taking on Binance could create sharp movements, providing both challenges and opportunities for traders.<\/p>\n<p data-pm-slice=\"1 1 []\">The final area of focus, according to Wedson, is anticipating potential price movements based on these inflows and understanding how they may influence the broader market&#8217;s behavior.<\/p>\n<h2 data-pm-slice=\"1 1 []\">Bitcoin Market Correction Imminent?<\/h2>\n<p data-pm-slice=\"1 1 []\">Meanwhile, further <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/67332c16b938fa477b0103cd-Bitcoin-hits-new-highs-and-leverage-rises-indicating-risks-of-high-volatility\" target=\"_blank\" rel=\"noopener nofollow\">insights<\/a> were provided by another CryptoQuant analyst known as &#8220;caueconomy.&#8221; This analyst pointed out that Bitcoin&#8217;s breakout of its previous all-time high has initiated a price discovery process.<\/p>\n<p data-pm-slice=\"1 1 []\">With this milestone, the market has seen heightened open interest levels, with more than $16 billion added to futures positions over the past week. This surge indicates a rise in leveraged positions, which can lead to heightened<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-buying-pressure-rises-but-heres-why-a-pullback-could-be-coming\/\" target=\"_blank\" rel=\"noopener \"> risk of corrections<\/a> in the short term.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-buying-pressure-rises-but-heres-why-a-pullback-could-be-coming\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Buying Pressure Rises, But Here\u2019s Why A Pullback Could Be Coming<\/a><\/div>\n<p data-pm-slice=\"1 1 []\">However, the analyst emphasized that the market&#8217;s underlying fundamentals appear much <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-data-reveals-bulls-are-growing-but-still-behind-march-2024-peak-details\/\" target=\"_blank\" rel=\"noopener \">more strong this time around<\/a>, suggesting that any potential short-term corrections could be viewed as natural adjustments.<\/p>\n<p data-pm-slice=\"1 1 []\">Rather than signalling a broader downturn, these corrections may offer buying opportunities for investors looking to enter or accumulate during periods of market pullback.<\/p>\n<p data-pm-slice=\"1 1 []\">Bitcoin trades for $86,441, which has increased by 2.3% in the past day. Notably, this current trading price marks a 3.6% decline from BTC&#8217;s latest achieved all-time high of $89,864 earlier today.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/f9jySy26\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=OANDA%3AEURGBP\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">According to renowned crypto analyst known as Ali on X, <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/analyst-reveals-bitcoin-key-support-levels-for-reaccumulation-details\/\" target=\"_blank\" rel=\"noopener \">key support levels<\/a> for Bitcoin to <a href=\"https:\/\/x.com\/ali_charts\/status\/04887893\" target=\"_blank\" rel=\"noopener nofollow\">watch<\/a> are between $83,250 &#8211; $85,800 and $72,880 &#8211; $75,520.<\/p>\n<p data-pm-slice=\"1 1 []\">Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been on a major upward trajectory, recently hitting an all-time high (ATH) of above $89,000. As this milestone was crossed, a notable trend emerged with short-term holders transferring their holdings to major exchanges, particularly Binance. According to CryptoQuant analyst Joao Wedson, this behavior suggests that investors with shorter time horizons may be positioning themselves to take profits, leading to potential selling pressure in the market. What To Watch Out For Wedson highlighted that the concentration of Bitcoin deposits to a single exchange like Binance is worth close monitoring, as it could impact liquidity and price stability on the platform, potentially reverberating through the broader market. Related Reading: Is Bitcoin Now Overheating? Key Metrics Reveal Crucial Insights For Investors The CryptoQuant analyst emphasized three areas for market participants to watch closely. First, tracking the flow of BTC to exchanges, especially Binance, can provide insights into the potential scale of selling intent among short-term holders. As more coins flow to a major exchange, the potential for market impact rises, making it crucial to gauge the extent of any impending sell-off. Second, the impact on price volatility is expected to be significant as concentrated selling or profit-taking on Binance could create sharp movements, providing both challenges and opportunities for traders. The final area of focus, according to Wedson, is anticipating potential price movements based on these inflows and understanding how they may influence the broader market&#8217;s behavior. Bitcoin Market Correction Imminent? Meanwhile, further insights were provided by another CryptoQuant analyst known as &#8220;caueconomy.&#8221; This analyst pointed out that Bitcoin&#8217;s breakout of its previous all-time high has initiated a price discovery process. With this milestone, the market has seen heightened open interest levels, with more than $16 billion added to futures positions over the past week. This surge indicates a rise in leveraged positions, which can lead to heightened risk of corrections in the short term. Related Reading: Bitcoin Buying Pressure Rises, But Here\u2019s Why A Pullback Could Be Coming However, the analyst emphasized that the market&#8217;s underlying fundamentals appear much more strong this time around, suggesting that any potential short-term corrections could be viewed as natural adjustments. Rather than signalling a broader downturn, these corrections may offer buying opportunities for investors looking to enter or accumulate during periods of market pullback. Bitcoin trades for $86,441, which has increased by 2.3% in the past day. Notably, this current trading price marks a 3.6% decline from BTC&#8217;s latest achieved all-time high of $89,864 earlier today. According to renowned crypto analyst known as Ali on X, key support levels for Bitcoin to watch are between $83,250 &#8211; $85,800 and $72,880 &#8211; $75,520. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":652800,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[10768,428,629,679,680,1119,78790,6664,10923],"class_list":["post-652797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-binance","tag-bitcoin","tag-bitcoin-market","tag-bitcoin-price","tag-bitcoin-price-analysis","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Short-Term Bitcoin Holders Move Millions To Binance\u2014Is A Market Correction Imminent?<\/title>\n<meta name=\"description\" content=\"Bitcoin has been on a major upward trajectory, recently hitting an all-time high (ATH) of above $89,000. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Short-Term Bitcoin Holders Move Millions To Binance\u2014Is A Market Correction Imminent?","description":"Bitcoin has been on a major upward trajectory, recently hitting an all-time high (ATH) of above $89,000. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Short-Term Bitcoin Holders Move Millions To Binance\u2014Is A Market Correction 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