2023-10-27 15:35 |
Quick Take
Crypto.com has recently experienced an unprecedented influx of Bitcoin, with the volume reaching around $50 million. Compared to the inflows seen by larger exchanges in recent weeks, this may not seem significant.
However, this surge underlines a noticeable trend of increased activity even on smaller exchange platforms.
Exchange Netflow: Crypto.com (Source: Glassnode)This inflow serves as the highest since the collapse of FTX in November 2022 and was primarily driven by a large whale. Historically, such inflows and outflows at Crypto.com have been closely correlated with considerable price movements, potentially signaling a period of increased market volatility.
In 2023, the crypto market witnessed a significant pattern where a considerable inflow or outflow followed a substantial inflow or outflow. Specifically in the months of March, April, and June. Given this trend, it raises the question – are we on the cusp of another massive outflow?
Notably, Crypto.com holds approximately 47,000 BTC on their exchange, a figure that has remained relatively stable throughout 2023. Yet, the recent surge in inflows could be forecasting a shift in this equilibrium, signifying a potential market trend that warrants close monitoring.
Exchange Balance: (Source: Glassnode)The post Crypto dot com records highest Bitcoin inflow since FTX collapse appeared first on CryptoSlate.
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