According to Quant Analyst, Crypto Insiders have Sent $2,500,000,000 in Bitcoin to Binance – Are They Done Selling?
The CEO of a leading crypto analytics firm reveals insiders sent tens of thousands of Bitcoin (BTC) to crypto exchange Binance ahead of last week’s sell-off.
Quant analyst Ki Young Ju tells his 291,700 Twitter followers that crypto insiders, whom he describes as market makers, transferred around 84,000 BTC worth around $2.5 billion from Gemini to Binance at the time.
“Market makers using Gemini sent ~84,000 BTC to Binance from May 7-10, hitting an all-time high.”
Source: Ki Young Ju/Twitter
According to the quantitative analyst, the crypto insiders moved 65,000 BTC, valued at $1.95 billion at the time, to various crypto exchanges, with US-based trading platform Coinbase receiving the bulk of the remittance.
“Most of the selling pressure came from Coinbase as they had the largest BTC inflows from Binance. BTC/USD spot trading volume on Coinbase hit a yearly high. Coinbase Premium hit a three-year low of -3%.”
Source: Ki Young Ju/Twitter
Ki Young Ju highlights that the huge selling pressure coming from crypto insiders is being absorbed by US-based institutional investors.
“Market makers, including those hired by LFG [Luna Foundation Guard], already shipped 84,000 BTC ($2.5 billion) to multiple exchanges last week. I’m not sure if they’ve finished selling, but it’s very likely that institutions have accumulated since Coinbase has digested most of the selling pressure.”
CryptoQuant CEO also says that institutional players are stacking buy orders to accumulate Bitcoin from $25,000 to $30,000.
“If you look at the BTC/USD order book heatmap for Coinbase, it’s pretty thick bid walls since the last bear market in May 2021. I think institutions tried to stack BTC from $30k but had to close the bid walls at 25k due to the unexpected $ rebuild LFG sale.”
Bitcoin is trading at $29,973 at the time of writing, down 3% over the past 24 hours.
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