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Not A Good Sign: Massive Flow of Bitcoin to Exchanges Recorded While USDT Withdrawals Increase

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Massive Flow of Bitcoin to Exchanges Recorded While USDT Withdrawals Increase.



There has been a recent increase in Whale activity on the Bitcoin network. There is a concern that the move may not be all good as a massive inflow of Bitcoin and outflow of USDT to top exchanges have been recorded.

Data from whale transaction tracker Whale Alert shows an inflow of Bitcoin to exchanges while USDT is flowing out. In one of the transactions, almost 10,000 BTC were moved to Coinbase, one of the top crypto exchanges in the world.

 

Similarly, millions of USDT have been taken out from Binance in a series of transactions. In one transaction, over 130 million USDT was taken out, while Two other transactions carried 125MΒ and 126M USDT respectively out of Binance; all three transactions happened within 6 hours.

In total, 381M USDT was taken out of Binance.

What the flows mean

Typically, transferring Bitcoins, especially by whales, to exchanges is a bad sign as it signals a sell-off. The crypto community suspects this to be a panic sale, which is not typical of whales. Some crypto community members have expressed disappointment at this as they suspect the whales are planning to dump on them.

β€œI find it mildly comforting to know that these big fancy whale types are like the rest of us degenerates. FOMO is high; panic sells low. Welcome to the club, guys. Now here’s a thought. Maybe if you stop panic selling, so will the rest of us. I know, rocket science.” @TyrannusVex

@Thetarian11 said, “Ok, BTC is going on 20k after the conference.”

The outflow of USDT could also mean that Whales are not interested in buying and withdrawing USDT to safe wallets. It could indicate that the Whales are becoming bearish on the top cryptocurrency and expecting a correction.

How long will Bitcoin hold $43k

Bitcoin has held above $43,000 for the last few days following the rally to $48,000. If the transfer of Bitcoin to exchanges continues and the outflow of USDT, the price may not be able to hold for long as the selling pressure could make it break below that.Β 

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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