Bitcoin Inflow To Exchanges At 2016 Levels, Impact On Price Will Be Low Even If Mt. Gox Sells

Name	Symbol	Market	Market Cap ($)	Algorithm
Polkadot	DOTUSD	Crypto	7,811,501,539	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Polkadot

DOTUSD

Crypto

7,811,501,539

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.220	-3.62%	5.85	5.85	5.85

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.220

-3.62%

5.85

High Price	Low Price	Open Price	Prev. Close	52 Week Range
6.08	5.50	6.07	6.07	3.56 - 12.01

High Price

Low Price

Open Price

Prev. Close

52 Week Range

6.08

5.50

6.07

3.56 - 12.01

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:16:37	4.00	5.85	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:16:37

4.00

5.85

USD

Price x Volume	Volume	Base Symbol	Related Pairs
7,342,173.83	1,271,339.85	DOT	DOTEUR	DOTGBP	DOTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

7,342,173.83

1,271,339.85

Bitcoin Inflow To Exchanges At 2016 Levels, Impact On Price Will Be Low Even If Mt. Gox Sells

28/05/2024 10:00pm

NEWSBTC

Bitcoin briefly shot over $70,000 yesterday before plunging below $69,000 to spot rates. While there are hints of weakness, one analyst on X notes that inflow to exchanges like Binance and OKX is subdued, meaning that users are not keen to sell despite prices tanking and failing to break $72,000. Bitcoin Inflow To Exchanges Remain Low The analyst notes that exchange inflows are low at spot rates. As of May 28, exchanges received just 25.9K BTC daily. From historical exchange inflow data from CryptoQuant, the current inflow rate is at the 2016 level. There was a sharp pick-up in momentum after 2016, but the inflow to exchanges has been shrinking since the beginning of the year. It should be noted that the United States Securities and Exchange Commission (SEC) approved nine spot Bitcoin exchange-traded funds (ETFs) around this time. Related Reading: Bullish Bitcoin: Expert Cites $123,832 Target Based On Past Trends With this product in the United States, some large whales likely decided to convert their coins and hold ETFs instead. In this way, they diverted custody to an approved custodian, depending on the spot Bitcoin ETF issuer they chose. Mt. Gox Moving BTC: How Will Prices React If They Sell? While the average inflow to exchanges is at 2016 levels, there might be changes in the coming months. On May 28, Mt. Gox, the defunct crypto exchange hacked in 2014, moved over $9.4 billion of BTC, data from Token Unlocks show. This unexpected transfer sparked market concerns. Currently, the intention remains unknown. Still, the implications could be dire if they decide to liquidate on exchanges. Even with this possibility, the analyst argued that BTC’s low average exchange inflow to exchanges would be a timely cushion. Should Mt.Gox creditors decide to sell, the analyst believes the market will easily absorb this sell-off despite increased initial volatility. What this means is that the price impact will be minimal. Related Reading: Polkadot (DOT) Price Prediction: Analyst Sparks Bullish Frenzy With $10 Target Before being hacked and losing over 800,000 BTC, Mt. Gox was a popular Bitcoin exchange. At one point, it commanded over 70% of all global BTC trading volume. In the next few months, victims of the unfortunate hack will be compensated. Feature image from DALLE, chart from TradingView

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