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Spot BTC worth $200M re-enters exchanges on Binance following Genesis bankruptcy news

Market volatility is coming from Binance as the result of large purchases and withdrawals of Bitcoin (BTC).

James Van Straten
Jan. 20, 2023 at 9:45 am UTC
1 min read
Updated: Jan. 20, 2023 at 10:06 am UTC

Definition

  • Breakdown of the net flow of coins into/out of exchanges by the USD value of the transactions.  

Quick Take

  • $200M of Bitcoin (BTC) went back onto Binance, Jan. 20 — a similar amount to Jan. 13, which took BTC over $21,000.
  • The transfer is primarily institutional, as it is more than $10 million.
  • With Genesis filing bankruptcy, it is encouraging to see BTC holding above $20,000.
  • The substantial transfers are coming from Binance, which is sparking market volatility. 
    Bitcoin: Net Transfer Volume from/to Exchanges Breakdown by Size [USD]: (Source: Glassnode)
    Bitcoin: Net Transfer Volume from/to Exchanges Breakdown by Size [USD]: (Source: Glassnode)
Analyst View profile
James Van Straten
James Van Straten
Former Lead Analyst CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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