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Binance Records Largest Single-Day Bitcoin Inflow of 4,618 BTC
On September 15, Binance experienced a significant inflow of 4,618 Bitcoin, marking the largest single-session net inflow recorded during the observed period. This surge occurred when Bitcoin's price reached a session low of $75,640, suggesting that the inflow was driven by opportunistic buying rather than panic selling.
During the same week, the average net flow across all cryptocurrency exchanges was only +877 BTC daily, highlighting the magnitude of Binance's inflow. Additionally, stablecoin deposit transactions on Binance surged by 190% above the quarterly baseline, averaging 48,230 daily transactions for the week ending September 16.
Following the inflow, Bitcoin's price rebounded to $76,152 on September 16. However, net realized profit and loss figures dropped to $31.8 million, indicating an 89% decline week-over-week. This decline suggests that the Bitcoin being deposited into exchanges was not being sold at a profit, further supporting the notion of accumulation during the price dip.
These developments occurred amid ongoing speculation regarding policy decisions from the Federal Reserve, which were influencing market sentiment. Interestingly, while Binance saw a substantial inflow, institutional exchange-traded funds (ETFs) reported outflows on the same day, creating a notable divergence in market activity.
Source: KLEA News