The transparency that the blockchain provides ensures that on chain the analysis emerged In chain the analysis focuses on analyzing data on the blockchain, so that you can get detailed information on the various elements that can influence the price action. The latest data from the blockchain analytics company CryptoQuant showed that on October 26, a record number of bitcoin (BTC) from Binancethe largest cryptocurrency exchange in the world, it was included.
55,000 BTC taken from Binance
In total, no less than 55,000 BTC had disappeared from the platform. This is also called ‘exchange’ net flow ‘ named. To understand this, we must first distinguish between the ‘exchange’ influx’ in exchange outflow ‘. The exchange inflow is the total number of coins that are sent to the exchange wallets and the exchange flow is the total number of coins that are withdrawn from the exchanges. Logically, the net trade flow is the difference between these two terms. At the bottom of the line, a total of 55,000 bitcoins left the trading platform yesterday. The outflow was also greater than in low of 17,600 in June and the collapse in March of 2020.
Looking at the bitcoin outflow across all exchanges, there was a net flow of -42,500 BTC in total. Unlike Binance, this network flow wasn’t enough to set a new record. In June of this year, more bitcoins were withdrawn from exchanges.
Over the past three days, the bitcoin price by around 10% and even hit the $ 21,000 mark. The price of BTC is $ 20,605 on Binance and $ 20,637 at the time of writing Battle.
Outflow of bitcoin and cryptocurrencies
Earlier this month it can be read that the capital outflow from crypto funds in the third quarter was much lower than in the second quarter. In the second quarter of this year, a total of $ 683.4 million flowed from the crypto funds, and in the third quarter it was a total of $ 17.6 million. This indicates that most bears they had already sold their positions in the second quarter.
