In the last 24 hours, Binance has recorded Bitcoin withdrawals amounting to over 9,000 BTC. Despite the decrease in selling pressure, the price of BTC continues to rise, surpassing $76,000.
Binance and the withdrawals of over 9,000 Bitcoin (BTC): the situation of crypto-exchanges in the last 24 hours
According to the data from Coinglass, in the last 24 hours Binance has surpassed all crypto-exchanges in terms of Bitcoin (BTC) withdrawals.
In fact, between yesterday and today, it seems that 9,773 BTC have been withdrawn from Binance, surpassing by 9 times the BTC withdrawals recorded by other crypto-exchanges.
For example, Coinbase Pro saw 440 BTC leave its platform, Bitfinex 1,242 BTC, and Gemini 1,799 BTC.
Despite the large amount of Bitcoin withdrawn from Binance in the last 24 hours, it seems that on the weekly front there have been many more purchases. In fact, compared to seven days ago, Binance records not more withdrawals but purchases of 2,131 BTC.
There are few crypto-exchanges that, on the other hand, have recorded only purchases of BTC in the last 24 hours. OKX saw the purchase of 697 BTC, Bitmex of 100 BTC, and Bybit of 467 BTC.
Looking at the total balance of Bitcoin trades on the main crypto-exchanges considered by Coinglass, it emerges that it is the sales of BTC that have the upper hand over the purchases.
At the time of writing, a total of 15,301 BTC have been withdrawn in the last 24 hours, 117.27 BTC in the last 7 days, and compared to a month ago, a total of 48,308 BTC have been withdrawn.
Binance and Bitcoin withdrawals: the price of BTC continues to rise in the last 24 hours
While on one hand the movements of BTC between purchases/withdrawals on the main crypto-exchanges are analyzed, on the other, it is necessary to note the movement of the price of Bitcoin.
In the last 24 hours, therefore, BTC has engaged in another rally, with the price rising up to $76,203.
This price is in the wake of the new all-time high (ATH) recorded by Bitcoin (BTC), following the victory of Donald Trump in the US presidential elections.
At the time of writing, BTC is worth $75,104, thus resisting the continuous selling of the crypto-asset.
FOMO incoming? Crypto investors are waiting
Today this post-election moment was analyzed with the victory of the pro-crypto US President as a period where FOMO might begin.
We are a couple of days after the USA 2024 elections, and the Fear Of Missing Out (fear of missing out) could act on the financial markets, pushing speculators and investors to get carried away by emotion.
In practice, individuals experiencing FOMO might decide to purchase BTC immediately for fear of missing out on its upcoming “boom” period.
But is it really so?
Source: https://en.cryptonomist.ch/2024/11/07/binance-records-withdrawals-of-over-9000-bitcoin-btc-in-the-last-24-hours/