{"id":516718,"date":"2023-01-19T13:00:18","date_gmt":"2023-01-19T18:00:18","guid":{"rendered":"https:\/\/wncen.com\/?p=516718"},"modified":"2024-06-11T11:31:00","modified_gmt":"2024-06-11T11:31:00","slug":"binance-usd-reserve-bitcoin-slowdown","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-usd-reserve-bitcoin-slowdown\/","title":{"rendered":"Binance USD (BUSD) Exchange Reserves Dry Up, Reason Behind Bitcoin’s Slowdown?"},"content":{"rendered":"

On-chain data shows the Binance USD (BUSD) exchange reserves have declined recently, a factor that may be behind Bitcoin’s slowdown.<\/p>\n

Binance USD (BUSD) Exchange Reserves Have Gone Down<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, there was a very large inflow of $250 million BUSD just a while ago. The “exchange reserve<\/a>” is an indicator that measures the total amount of a cryptocurrency (which, in the present case, is Binance USD) currently being stored on wallets of centralized exchanges.<\/p>\n

Generally, investors swap their coins for stablecoins<\/a> like BUSD when they want to avoid the volatility associated with other cryptocurrencies like Bitcoin. When these holders feel that prices are right to reenter the volatile markets, they shift their stables back into their desired coins. This can act as buying pressure for the specific crypto that they are swapping into.<\/p>\n

Investors usually make use of exchanges to swap these coins, which means that whenever the exchange reserve of a stablecoin like BUSD rises, it presents the possibility that holders want to buy back into volatile cryptocurrencies. A large enough increase in the stablecoin reserve can result in a high amount of buying pressure for other coins, and can therefore have a bullish effect on their prices.<\/p>\n

Related Reading: Bitcoin Drops To $20,700 As Miner Outflows Surge<\/a><\/div>\n

Now, here is a chart that shows the trend in the Binance USD exchange reserve (specifically for spot exchanges) over the past couple of months:<\/p>\n

\"Binance<\/p>\n

The value of the metric seems to have been going down in recent days | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above graph, the Binance USD exchange reserve observed a rapid increase a while back. Since then, however, the metric has been steadily declining and has hit significantly lower values now.<\/p>\n
But from the chart, it’s apparent that while the BUSD reserve was coming down from high values, Bitcoin had been rallying instead. This means that holders might have been actively swapping the stablecoin for BTC, thus providing a boost to its price.<\/p>\n
The graph also displays data for a metric called the “exchange netflow<\/a>,” which tells us the net number of coins entering or exiting exchange wallets. When this metric has a positive value, it means investors are depositing a net amount of the asset to exchanges currently, while negative values suggest net withdrawals are taking place.<\/p>\n
A while ago, there was a huge positive spike in the Binance USD exchange netflow of around $250 million (which is what caused the reserve to blow up). This inflow may have been what helped the recent BTC rally.<\/p>\n
Related Reading: Asian Traders Behind Most Of Bitcoin\u2019s Recent Gains, Report Reveals<\/a><\/div>\n
However, since then, there have only been outflows, which have taken the reserve back to the same level as before this $250 million spike. This suggests that buying pressure from this inflow has now dried up, which could be one of the factors responsible for the latest slowdown in Bitcoin’s rally.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $20,700, up 14% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Bitcoin plunges down | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Nicholas Cappello on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Binance USD (BUSD) exchange reserves have declined recently, a factor that may be behind Bitcoin’s slowdown. Binance USD (BUSD) Exchange Reserves Have Gone Down As pointed out by an analyst in a CryptoQuant post, there was a very large inflow of $250 million BUSD just a while ago. The “exchange reserve” is an indicator that measures the total amount of a cryptocurrency (which, in the present case, is Binance USD) currently being stored on wallets of centralized exchanges. Generally, investors swap their coins for stablecoins like BUSD when they want to avoid the volatility associated with other cryptocurrencies like Bitcoin. When these holders feel that prices are right to reenter the volatile markets, they shift their stables back into their desired coins. This can act as buying pressure for the specific crypto that they are swapping into. Investors usually make use of exchanges to swap these coins, which means that whenever the exchange reserve of a stablecoin like BUSD rises, it presents the possibility that holders want to buy back into volatile cryptocurrencies. A large enough increase in the stablecoin reserve can result in a high amount of buying pressure for other coins, and can therefore have a bullish effect on their prices. Related Reading: Bitcoin Drops To $20,700 As Miner Outflows Surge Now, here is a chart that shows the trend in the Binance USD exchange reserve (specifically for spot exchanges) over the past couple of months: The value of the metric seems to have been going down in recent days | Source: CryptoQuant As you can see in the above graph, the Binance USD exchange reserve observed a rapid increase a while back. Since then, however, the metric has been steadily declining and has hit significantly lower values now. But from the chart, it’s apparent that while the BUSD reserve was coming down from high values, Bitcoin had been rallying instead. This means that holders might have been actively swapping the stablecoin for BTC, thus providing a boost to its price. The graph also displays data for a metric called the “exchange netflow,” which tells us the net number of coins entering or exiting exchange wallets. When this metric has a positive value, it means investors are depositing a net amount of the asset to exchanges currently, while negative values suggest net withdrawals are taking place. A while ago, there was a huge positive spike in the Binance USD exchange netflow of around $250 million (which is what caused the reserve to blow up). This inflow may have been what helped the recent BTC rally. Related Reading: Asian Traders Behind Most Of Bitcoin\u2019s Recent Gains, Report Reveals However, since then, there have only been outflows, which have taken the reserve back to the same level as before this $250 million spike. This suggests that buying pressure from this inflow has now dried up, which could be one of the factors responsible for the latest slowdown in Bitcoin’s rally. BTC Price At the time of writing, Bitcoin is trading around $20,700, up 14% in the last week. Bitcoin plunges down | Source: BTCUSD on TradingView Featured image from Nicholas Cappello on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":516771,"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":[86403,87418,428,1119,1144,84032,87491,11164],"class_list":["post-516718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance-usd","tag-binance-usd-exchange-reserve","tag-bitcoin","tag-btc","tag-btcusd","tag-busd","tag-busd-exchange-reserve","tag-stablecoin"],"acf":[],"yoast_head":"\nBinance USD (BUSD) Exchange Reserves Dry Up, Reason Behind Bitcoin's Slowdown?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Binance USD (BUSD) exchange reserves have declined recently, a factor that may be behind Bitcoin's slowdown. 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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":"Binance USD (BUSD) Exchange Reserves Dry Up, Reason Behind Bitcoin’s Slowdown?","url":"http:\/\/wncen.com\/news\/binance-usd-reserve-bitcoin-slowdown\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/binance-usd-reserve-bitcoin-slowdown\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/nicholas-cappello-Wb63zqJ5gnE-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/nicholas-cappello-Wb63zqJ5gnE-unsplash-scaled.jpg?fit=2560%2C1700"},"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 usd","binance usd exchange reserve","bitcoin","btc","btcusd","busd","busd exchange reserve","stablecoin"],"dateCreated":"2023-01-19T18:00:18Z","datePublished":"2023-01-19T18:00:18Z","dateModified":"2024-06-11T11:31:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Binance USD (BUSD) Exchange Reserves Dry Up, Reason Behind Bitcoin’s Slowdown?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-usd-reserve-bitcoin-slowdown\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/binance-usd-reserve-bitcoin-slowdown\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/nicholas-cappello-Wb63zqJ5gnE-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/nicholas-cappello-Wb63zqJ5gnE-unsplash-scaled.jpg?fit=2560%2C1700\"},\"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 usd\",\"binance usd exchange reserve\",\"bitcoin\",\"btc\",\"btcusd\",\"busd\",\"busd exchange reserve\",\"stablecoin\"],\"dateCreated\":\"2023-01-19T18:00:18Z\",\"datePublished\":\"2023-01-19T18:00:18Z\",\"dateModified\":\"2024-06-11T11:31:00Z\"}<\/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\/2023\/01\/nicholas-cappello-Wb63zqJ5gnE-unsplash-scaled.jpg?fit=2560%2C1700","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516718"}],"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=516718"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516718\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/516771"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=516718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=516718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=516718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}