Over a period of two days, Binance has witnessed Bitcoin deposits exceeding $300 million.
The influx was marked by two significant inflows. Approximately $200 million returned to the exchange on Oct. 11, followed by another inflow of about $120 million on Oct. 12.
Binance currently holds nearly 682,000 BTC, which is about 70,000 BTC less than its all-time high recorded in May 2023. This figure accounts for roughly 3.5% of all Bitcoin presently held on exchanges, indicating a significant concentration on Binance.
The large inflows, ranging from $1M to $10M, suggest the activity of ‘whale’ or large-scale investors. These substantial inflows represent significant market movements.
Bitcoin, a decentralized currency transacted electronically, continues to defy the influence of central banks or administrators by circumventing intermediaries through a peer-to-peer network.
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