Is Binance Becoming Bitcoin’s Bank? STHs Trade Elsewhere, Data Suggests
- Data: Bitcoin STHs deposit far less BTC to Binance than other exchanges lately
- Suggests lower sell pressure on Binance; may be viewed more for holding
- Binance BTC balance high (~570k), though net 30-day outflows hint at self-custody
Bitcoin traders appear to treat Binance differently from other major crypto exchanges currently. This pattern signals a potential shift in market behavior and platform usage, according to recent analysis published by CryptoQuant.
The on-chain analytics firm found that Short-Term Holders (STHs) – defined generally as wallets holding Bitcoin for less than 155 days – are sending significantly less BTC to Binance compared to other trading platforms. This trend could influence Bitcoin’s near-term price movement as investors possibly recalibrate their trading or holding strategies between exchanges.
CryptoQuant’s data indicated STHs deposited only 6,300 BTC onto Binance over a tracked period. This represents a sharp drop compared to the average 24,700 BTC sent by STHs to other exchanges during the same timeframe.
On the other hand, the comparatively higher BTC inflow to other exchanges hints at a possible shift in where acti…
The post Is Binance Becoming Bitcoin’s Bank? STHs Trade Elsewhere, Data Suggests appeared first on Coin Edition.
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Is Binance Becoming Bitcoin’s Bank? STHs Trade Elsewhere, Data Suggests
- Data: Bitcoin STHs deposit far less BTC to Binance than other exchanges lately
- Suggests lower sell pressure on Binance; may be viewed more for holding
- Binance BTC balance high (~570k), though net 30-day outflows hint at self-custody
Bitcoin traders appear to treat Binance differently from other major crypto exchanges currently. This pattern signals a potential shift in market behavior and platform usage, according to recent analysis published by CryptoQuant.
The on-chain analytics firm found that Short-Term Holders (STHs) – defined generally as wallets holding Bitcoin for less than 155 days – are sending significantly less BTC to Binance compared to other trading platforms. This trend could influence Bitcoin’s near-term price movement as investors possibly recalibrate their trading or holding strategies between exchanges.
CryptoQuant’s data indicated STHs deposited only 6,300 BTC onto Binance over a tracked period. This represents a sharp drop compared to the average 24,700 BTC sent by STHs to other exchanges during the same timeframe.
On the other hand, the comparatively higher BTC inflow to other exchanges hints at a possible shift in where acti…
The post Is Binance Becoming Bitcoin’s Bank? STHs Trade Elsewhere, Data Suggests appeared first on Coin Edition.
Read More