Whales move crypto to Binance, but buyers are missing: Analyst
The amount of crypto sent to Binance rose in the past week, but CryptoOnchain says the other side of the trade, the buyers, are yet to show up.
Large crypto holders have been depositing their tokens on crypto exchange Binance — one of the largest crypto exchanges in the world — in seeming preparation to sell, but analysts warn that buyers aren’t ready to take the trades yet.
So-called crypto whales deposited $2.4 billion near-evenly split between Bitcoin (BTC) and Ether (ETH) to Binance in the past week, the exchange’s largest net inflow in a month, but the “buying power is missing,” CryptoOnchain said in a note to CryptoQuant on Sunday.
“Crucially, this surge in risk-asset deposits was not accompanied by new buying power,” it added, noting that stablecoin net flows were “essentially flat” at an inflow of $42 million for the week, which was mostly tokens moving between the Ethereum and Tron blockchains.