But by that point the selling had already begun.Īfter Tesla publicly announced a $1.5B purchase of BTC in early February, an incoming flood of retail investors helped push price to a new all-time high of over $63K. Musk later clarified his comments by saying that Tesla had not sold any BTC. Elon Musk’s Tweets on May 12th about his concerns about Bitcoin’s environmental impact sent an initial shockwave through the markets. While selling pressure from China has been a large contributor to the price drop over the last few days, the sell-off was already in motion well beforehand. A crackdown on Chinese exchanges and trading could be a further factor in Bitcoin’s shift, if that supply eventually makes its way out of China and into other hands. Binance appears to be under less of a threat as it is not officially headquartered in mainland China. This once again lines up with reports that Chinese based exchanges like Huobi may be under threat of investigation. Net flows on Huobi have plummeted, meaning there has been a relatively large net outflow. Binance also has a large futures market, so some of the inflow may have been incoming collateral to cover leveraged positions.īut looking at net flows for other exchanges shows an interesting contrast. This is not surprising considering Binance is the largest exchange in the world. But there are several other factors contributing to the large net inflows.īreaking down the net flows by exchange, Binance has easily accounted for the largest portion. The sudden inflow suggests that some investors were transferring BTC onto exchanges to sell.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |