Bitcoin Selling Pressure on Binance Declines Amid Market Volatility
The crypto market experienced a brief surge on Oct. 20, but bearish trends quickly resumed. The global crypto market cap fell by 3% to $3.66 trillion. Bitcoin dropped from a daily high of over $111,700 to $108,000.
- CryptoQuant analyst Burak Kesmeci noted a sharp decline in Bitcoin selling pressure on Binance, indicating potential accumulation phases despite market volatility.
- Overall Bitcoin net flows into Binance have been negative over the past 30 days.
- CoinGlass data shows $108 million in USDT inflows to Binance in the last 24 hours, but net outflows of $93 million to top exchanges.
Market Uncertainty
- Negative macro events, such as the 100% tariff threat on China causing significant liquidations, are impacting the market.
- Upcoming macro events like the Fed’s “Payments Innovation Conference” and a pro-crypto roundtable haven’t sustained bullish momentum.
The crypto market remains volatile, influenced by short-term trends, until macroeconomic clarity emerges for more informed investment decisions.