Bitcoin Inflows To Binance Spike: Whales Starting 2024 With Selloff?
Summary
Bitcoin inflows to Binance have surged, indicating potential whale selling. The exchange netflow, tracking Bitcoin entering or exiting Binance, has shown a significant positive spike, with 10,666 BTC worth $454.6 million deposited. This suggests potential offloading by whales, which could impact Bitcoin's price negatively. While the price hasn't reacted yet, the trend may lead to a selloff. Additionally, data indicates that mega whales are currently distributing, further hinting at selling moves. Bitcoin is currently trading at around $42,700, down 2% in the past week.
