Cryptocurrency

Binance sees massive 120K Bitcoin purchased between Oct. 28

Zegex

Exchange giant Binance Market found 120,000 Bitcoins (BTC) bought and moved from the exchange between October 29th and October 30th. glass node data.

Worth about $2.5 billion, it is the largest bitcoin purchase of the year from Binance.

The chart below shows Bitcoin buying and selling from Binance since the beginning of the year. From February to the beginning of May, Binance users have been buying bitcoin.

Bitcoin exchange net position on binance
Binance’s Bitcoin Exchange Net Position Binance’s Bitcoin Exchange Net Position

Investors have been letting go of their Bitcoin positions since May, when crypto winter began.

This picture changed between October 29th and October 30th when 120,000 Bitcoins were purchased from the Binance Marketplace. A chart showing change with the longest red candlestick shows that this is the largest Bitcoin purchase from the Binance market since January 2022.

Is this the beginning of Binance?

Binance’s main competitor, Coinbase, has been the preferred marketplace for buying and holding Bitcoin. crypto slate Analyst.

At the beginning of the year, the Coinbase marketplace held around 690,000 Bitcoins. Since then, the exchange has seen heavy purchases, with this number dropping below 560,000 in August.

Bitcoin Exchange Net Position Change (Source: Glassnode)
Bitcoin Exchange Net Position Change (Source: Glassnode)

The buy-and-hold trend among Coinbase users continues. However, Binance users continued to sell during the same period. Touching on this difference again on October 18th, crypto slate Analysts concluded that Coinbase has emerged as “the #1 exchange platform that investors use to buy and hold.” This conclusion makes sense given that major US financial institutions mostly prefer his Coinbase.

Recent movements in the Binance market may indicate a change in users’ buy and hold behavior. If that continues, Binance may rival Coinbase in terms of Bitcoin supply in the market.

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