Analysis: "$2.4 Billion in BTC and ETH Deposits on Binance in One Week... Buying Force Disappears"

Analysis suggests that over the past seven days, a total of $2.4 billion worth of cryptocurrencies have been deposited into Binance, increasing selling pressure, but there is no new buying capital to absorb this. Citing a CryptoQuant article by CryptoOnchain, Cointelegraph reported that approximately $1.33 billion worth of BTC and $1.07 billion worth of ETH were deposited into Binance during the period, while stablecoin inflows during the same period were only around $42 million. CryptoOnchain explained, "The amount of BTC withdrawn from exchanges is also decreasing, which suggests that whales are less willing to hold for the long term. The increase in cryptocurrencies deposited into exchanges and the signal of weaker whale holding demand could have a negative impact on price increases."