Biggest Bitcoin exchange inflows since 2018 put potential $20K bottom at risk
— Inflows, Days, Source, Btc, Largest, Price, Potential, Risk, 20k, Exchange, Bitcoin, Biggest, Binance, Ftx — 1 min read
Bitcoin (BTC) could be on the verge of a retail major sell-off as exchange inflows spike to almost three-and-a-half-year highs. Data from on-chain analytics platform CryptoQuant shows users of 21 major exchanges sending coins to their wallets en masse on June 14. This is the largest daily inflow since November 30, 2018, according to CryptoQuant data. The largest number of coin days destroyed — unmoved coins becoming active after a dormant period — came from Binance and FTX, CEO Ki-Young Ju pointed the finger at derivatives traders and the largest global exchange Binance. An 84% drawdown would mean a bottom of just $11,000 for the Bitcoin price cycle, which began with May’s Terra implosion. Source