{"id":3593,"date":"2021-05-19T06:00:39","date_gmt":"2021-05-19T05:00:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3593"},"modified":"2021-05-19T06:00:45","modified_gmt":"2021-05-19T05:00:45","slug":"btc-drops-below-40k-bitcoin-influxes-to-centralized-exchanges-surge","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/btc-drops-below-40k-bitcoin-influxes-to-centralized-exchanges-surge\/","title":{"rendered":"BTC drops below $40K, Bitcoin influxes to centralized exchanges surge"},"content":{"rendered":"\n
High Bitcoin <\/a>inflows to centralized exchanges have prompted predictions of further bearish momentum on social media.<\/h5>\n\n\n\n
\"BTC<\/figure>\n\n\n\n

Bitcoin inflows to centralized exchanges have surged, prompting bearish speculation the crypto markets could be building up to a violent wash-out.<\/p>\n\n\n\n

Lex Moskovoski, CIO at Moskovoski Capital, shared data showing that 22,917 BTC was transferred onto centralized exchanges in a single hour on May 18. Moskovoski noted the hourly inflow was the largest since the March 2020 \u201cBlack Thursday\u201d crash.<\/p>\n\n\n\n

With outflows from exchanges typically being inferred as\u00a0indicating crypto assets are being moved into cold storage\u00a0for security or DeFi protocols for yield generation, inflows are interpreted as assets being moved onto centralized platforms to be sold.<\/p>\n\n\n\n

Data compiled by on-chain crypto analytics firm Glassnode shows the past two days have seen consecutive all-time highs produced for net transfer volume onto Bitcoin on to leading centralized exchange, Binance. The data was shared by Twitter analyst William Clemente III to his 70,400 followers, triggering bearish price predictions on social media.<\/p>\n\n\n\n

The chart indicates roughly 35,000 Bitcoin worth more than $1.4 billion has been deposited on Binance in the past 48 hours.<\/p>\n\n\n\n

\u201cFeels like capitulation,\u201d said\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> Kraken\u2019s growth lead, Dan Held. Clemente replied: \u201cLet\u2019s see one final nasty liquidation wick.\u201d<\/p>\n\n\n\n

Reasons to be cheerful<\/h3>\n\n\n\n

Despite Bitcoin\u2019s price grinding down to post local lows below $40,000, some analysts are finding reasons to be bullish.<\/p>\n\n\n\n

Popular analyst, Lark Davis, noted the recent downturn has pushed Bitcoin\u2019s 14-day relative-strength indicator into oversold territory for the first time since March 2020, suggesting the crash may be nearing its plateau.<\/p>\n\n\n\n

Others are welcoming capitulation as a likely catalyst for a bullish recovery, predicting<\/use><\/svg><\/span><\/a> a swift return to upward momentum once selling has become exhausted.<\/p>\n\n\n\n

Twitter user \u201cYHRW80\u201d noted surging flows into Bitcoin\u2019s spot and derivatives markets during 2021,\u00a0concluding<\/use><\/svg><\/span><\/a>\u00a0that the dominant emotion gripping the markets is \u201cgreed\u201d rather than fear.<\/p>\n\n\n\n

However, Bitcoin\u2019s Fear and Greed Index disagrees with YHRW80\u2019s analysis,\u00a0describing\u00a0current Bitcoin market sentiment as \u201cextreme fear.\u201d<\/p>\n\n\n\n

There was some welcome news today, with Indian media\u00a0reporting<\/use><\/svg><\/span><\/a>\u00a0the country's government is set to rethink its planned crypto ban and form a new panel of experts to explore regulating crypto assets in India.<\/p>\n\n\n\n

Some analysts suggest the catalyst for the surging inflows is tomorrow\u2019s looming deadline for controversial stablecoin issuer Tether to disclose its quarterly financial records as part of its\u00a0settlement with the New York Attorney General\u2019s office.<\/p>\n\n\n\n

Last week,\u00a0Tether posted a breakdown of its reserves\u00a0for the first time, asserting three-quarters of the assets backing its stablecoin are cash, cash equivalents, and other short-term deposits and commercial paper.<\/p>\n","protected":false},"excerpt":{"rendered":"

High Bitcoin inflows to centralized exchanges have prompted predictions of further bearish momentum on social media. Bitcoin inflows to centralized exchanges have surged, prompting bearish speculation the crypto markets could be building up to a violent wash-out. Lex Moskovoski, CIO at Moskovoski Capital, shared data showing that 22,917 BTC was transferred onto centralized exchanges in […]<\/p>\n","protected":false},"author":63,"featured_media":3594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[152],"class_list":["post-3593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/main-qimg-7b516e16a1b7c4f8de9672ce3920b0c6.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3593"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3594"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}