{"id":468149,"date":"2021-07-27T09:00:47","date_gmt":"2021-07-27T09:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=468149"},"modified":"2024-06-11T13:57:18","modified_gmt":"2024-06-11T13:57:18","slug":"huge-bitcoin-outflows-binance-btc-40k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/huge-bitcoin-outflows-binance-btc-40k\/","title":{"rendered":"Huge Bitcoin Outflows On Binance, BTC To Break $40k Soon?"},"content":{"rendered":"

On-chain analysis shows huge Bitcoin outflows from crypto exchange Binance. BTC might keep the rally up and break $40k.<\/p>\n

Huge Bitcoin Outflows On Binance<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, the crypto exchange has observed huge outflows of BTC on Monday.<\/p>\n

The Binance<\/a> Outflows indicator shows the amount of Bitcoin transferred from the Binance exchange wallets to personal or other exchange wallets.<\/p>\n

On the other hand, the inflows show how many BTC were sent into Binance wallets from other types of wallets.<\/p>\n

The indicator of most interest here is the the Binance Bitcoin netflow<\/a>, which is just the inflow minus the outflow.<\/p>\n

Binance BTC netflow = Inflow – Outflow<\/p><\/blockquote>\n

Here is a chart for the Binance Bitcoin netflow that shows the trend in the value of the indicator over the past couple of weeks:<\/p>\n

\"Bitcoin<\/p>\n

BTC netflow on Binance shows deep negative for 26 July | Source: CryptoQuant<\/a><\/pre>\n
As the above graph shows, the crypto exchange is showing two huge outflows right now. One of them was more than 10k BTC, while the other one was around a whopping 31k BTC!<\/p>\n
There also seems to be an inflow of about 10k, similar to the value of one of the outflows. A look at http:\/\/chain.info shows that, yes, this inflow and outflow is actually the same transaction between Binance internal wallets.<\/p>\n
Related Reading | Investing In Bitcoin Mining Businesses Is Also A Sign Of Institutional Acceptance<\/a><\/strong><\/em><\/p>\n
The 31k BTC outflow, however, isn’t part of any internal transaction. Usually negative netflows mean there isn’t much selling pressure in the market. Hugely negative netflows, like this one, can make the price go up.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> is floating around $37k, up 26% in the last 7 days. The increase compared to last month is about 14%.<\/p>\n
Here is a chart showing the trend in the price of the crypto:<\/p>\n
\"Bitcoin<\/p>\n
BTC's price suddenly surges up | Source: BTCUSD on TradingView<\/a><\/pre>\n
Bitcoin has finally broken through the $35k resistance level. Earlier, the crypto was stuck in the $30k to $35k range-bound market for quite some while as its market volatility reached yearly lows.<\/p>\n
Now, however, the rumors regarding Amazon opening up to BTC and crypto payments has helped drive up the coin’s price.<\/p>\n
Related Reading | Bitcoin On Track To $100K, Why The Bull Cycle Could Be Just In Its Early Days<\/a><\/strong><\/em><\/p>\n
It’s looking likely that the price of BTC will continue to rise to $40k. Though, it remains to be seen if the digital currency can break past that level.<\/p>\n
The Bitcoin rise could very well stop after hitting the $40k resistance level, and the market could become range-bound below this level. Or perhaps it will carry the bullish momentum and break past the range to continue further beyond.<\/p>\n","protected":false},"excerpt":{"rendered":"
On-chain analysis shows huge Bitcoin outflows from crypto exchange Binance. BTC might keep the rally up and break $40k. Huge Bitcoin Outflows On Binance As pointed out by a CryptoQuant post, the crypto exchange has observed huge outflows of BTC on Monday. The Binance Outflows indicator shows the amount of Bitcoin transferred from the Binance exchange wallets to personal or other exchange wallets. On the other hand, the inflows show how many BTC were sent into Binance wallets from other types of wallets. The indicator of most interest here is the the Binance Bitcoin netflow, which is just the inflow minus the outflow. Binance BTC netflow = Inflow – Outflow Here is a chart for the Binance Bitcoin netflow that shows the trend in the value of the indicator over the past couple of weeks: BTC netflow on Binance shows deep negative for 26 July | Source: CryptoQuant As the above graph shows, the crypto exchange is showing two huge outflows right now. One of them was more than 10k BTC, while the other one was around a whopping 31k BTC! There also seems to be an inflow of about 10k, similar to the value of one of the outflows. A look at http:\/\/chain.info shows that, yes, this inflow and outflow is actually the same transaction between Binance internal wallets. Related Reading | Investing In Bitcoin Mining Businesses Is Also A Sign Of Institutional Acceptance The 31k BTC outflow, however, isn’t part of any internal transaction. Usually negative netflows mean there isn’t much selling pressure in the market. Hugely negative netflows, like this one, can make the price go up. BTC Price At the time of writing, Bitcoin’s price is floating around $37k, up 26% in the last 7 days. The increase compared to last month is about 14%. Here is a chart showing the trend in the price of the crypto: BTC’s price suddenly surges up | Source: BTCUSD on TradingView Bitcoin has finally broken through the $35k resistance level. Earlier, the crypto was stuck in the $30k to $35k range-bound market for quite some while as its market volatility reached yearly lows. Now, however, the rumors regarding Amazon opening up to BTC and crypto payments has helped drive up the coin’s price. Related Reading | Bitcoin On Track To $100K, Why The Bull Cycle Could Be Just In Its Early Days It’s looking likely that the price of BTC will continue to rise to $40k. Though, it remains to be seen if the digital currency can break past that level. The Bitcoin rise could very well stop after hitting the $40k resistance level, and the market could become range-bound below this level. Or perhaps it will carry the bullish momentum and break past the range to continue further beyond.<\/p>\n","protected":false},"author":542,"featured_media":468156,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,11614,1119,1144,38143],"class_list":["post-468149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-bitcoin-bull","tag-btc","tag-btcusd","tag-on-chain-analysis"],"acf":[],"yoast_head":"\nHuge Bitcoin Outflows On Binance, BTC To Break $40k Soon?<\/title>\n<meta name=\"description\" content=\"On-chain analysis shows huge Bitcoin outflows from crypto exchange Binance. BTC might keep the rally up and break $40k. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Huge Bitcoin Outflows On Binance, BTC To Break $40k Soon?","url":"http:\/\/wncen.com\/news\/huge-bitcoin-outflows-binance-btc-40k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/huge-bitcoin-outflows-binance-btc-40k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/lieve-ransijn-FsJ_vzp_NI4-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/lieve-ransijn-FsJ_vzp_NI4-unsplash-scaled.jpg?fit=2560%2C1704"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","bitcoin bull","btc","btcusd","on-chain analysis"],"dateCreated":"2021-07-27T09:00:47Z","datePublished":"2021-07-27T09:00:47Z","dateModified":"2024-06-11T13:57:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Huge Bitcoin Outflows On Binance, BTC To Break $40k Soon?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/huge-bitcoin-outflows-binance-btc-40k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/huge-bitcoin-outflows-binance-btc-40k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/lieve-ransijn-FsJ_vzp_NI4-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/lieve-ransijn-FsJ_vzp_NI4-unsplash-scaled.jpg?fit=2560%2C1704\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"bitcoin bull\",\"btc\",\"btcusd\",\"on-chain analysis\"],\"dateCreated\":\"2021-07-27T09:00:47Z\",\"datePublished\":\"2021-07-27T09:00:47Z\",\"dateModified\":\"2024-06-11T13:57:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/07\/lieve-ransijn-FsJ_vzp_NI4-unsplash-scaled.jpg?fit=2560%2C1704","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/468149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=468149"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/468149\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/468156"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=468149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=468149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=468149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}