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Most of the bitcoin sell-off is recorded on cryptocurrency exchange Coinbase after inflows from Binance, CryptoQuant found
The drop in bitcoin quotes may have been “fueled” by the cryptocurrency’s sell-off on the Coinbase exchange. This opinion was expressed on his Twitter page by the head of analytical service CryptoQuant Ki Yong Ju.
CryptoQuant estimates that market makers have sent about 84,000 BTC (including Luna Foundation Guard reserves) to various exchanges
According to Kee Yong Ju, bitcoin sales on Coinbase accelerated after a large amount of cryptocurrency from Binance entered the site. In addition, as quotations collapsed, spot trading in the BTC/USD pair on Coinbase reached a one-year high.
In doing so, the institutionalists, according to Ki Yong Ju, did not sell the cryptocurrency. On the contrary, they were buying bitcoin through market makers who used the Gemini exchange. This is signaled by the cryptocurrency outflow data from Gemini to Binance.
That said, the head of CryptoQuant noted that it is not yet certain that the exchanges have ended the sell-offs. One way or another, Coinbase has already “digested” most of the pressure from sellers, Ki Yong Ju stressed.
Recall that at the peak of market volatility, bitcoin quotes collapsed to $25,302 (BitMEX), causing $1.2 billion in order liquidation. The largest liquidation was recorded on BitMEX in the BTC/USD trading pair, where a trader closed an order for $10 million.
Bitcoin inflows were also seen on centralized exchanges at that time. For example, on May 11 Coinbase received more than 5,440 BTC, while Bitfinex received more than 15,533 BTC. Binance, on the contrary, recorded an outflow of 18,617 BTC. Over the past 30 days, all of the listed exchanges received more than 25,000 BTC.
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