Tellek Garing (OP)
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January 03, 2022, 01:57:35 PM Last edit: January 03, 2022, 02:24:19 PM by Tellek Garing |
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The year 2021 was a big year in the Bitcoin market and most exchanges witnessed large inflows of bitcoin deposits which have left a large deposited amount of Bitcoin to push the price of Bitcoin to the next all-time high in the early days of this year 2022. Statistics have shown that binance alone witnessed 60,000 bitcoin deposits toward the last week of 2021 and other exchanges also witness similar big deposits, I will try to upload a picture chart that contains the closing balance on most exchanges to give us a pointer to what we are talking about on this thread. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.ibb.co%2F6JkFCRx%2F352234aa-d99c-4283-be91-d5f634471095.jpg&t=665&c=qTWdk3k2Rv-OlA)
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Ararbermas
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January 03, 2022, 06:44:46 PM |
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Probably most of bitcoin from other platform was transferred to binance? See the green percentage of it. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) no just kidding. But what if? because as the matter of fact in year 2021 there's a lot of bad things happen wherein coinbase received a lot of negative feedback after being hacked. And about houbi as well that halting their service from other countries because of China.. Perhaps these a clues why most bitcoin in other platform is decreasing while binance seems still not affected, Just saying.
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DeathAngel
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January 03, 2022, 07:20:39 PM |
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Yeah any large, unusual, late 2021 bitcoin deposits to bitcoin exchanges was likely because exchanges in China were giving mainland China account holders until 31st December to stop trading bitcoin. This likely let to large inflows to exchanges & then selling before the exchanges aren’t allowed to provide services to mainland Chinese people any more. Hopefully the price picks up soon, now that the selling pressure will lower.
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Wiwo
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January 03, 2022, 07:57:09 PM |
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Bitcoin closed the year 2021 with a large market merging and most exchanges have large starch Bitcoin deposits, on binance and another top cryptocurrency exchange am very optimistic that this year 2022 will see some increase in demands on the exchange trading volume is going to increase in the coming days.
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Slow death
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January 03, 2022, 09:24:47 PM |
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binance will still be number 1. most people use binance, i particularly use binance and the reason is because of the good service they provide at the time of my writing, it is possible that maybe in the future the situation will reverse but soon i I doubt any changes in this part Bitcoin closed the year 2021 with a large market merging and most exchanges have large starch Bitcoin deposits, on binance and another top cryptocurrency exchange am very optimistic that this year 2022 will see some increase in demands on the exchange trading volume is going to increase in the coming days.
as I said I don't see this situation changing anytime soon
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Johnyz
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January 03, 2022, 09:36:50 PM |
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Yeah any large, unusual, late 2021 bitcoin deposits to bitcoin exchanges was likely because exchanges in China were giving mainland China account holders until 31st December to stop trading bitcoin. This likely let to large inflows to exchanges & then selling before the exchanges aren’t allowed to provide services to mainland Chinese people any more. Hopefully the price picks up soon, now that the selling pressure will lower.
This could be the reason for that huge transactions, most probably this can be a good scenario since the selling pressure will be lowered and some Chinese investors can still trade somewhere else with a help of this exchanges. I’m still wondering why China keeps on changing the regulations about cryptocurrency, this could be bad for the people of China where they want freedom from fiat currency that are being controlled by their government.
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Baofeng
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January 04, 2022, 04:03:41 AM |
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Probably for the obvious reasons, Binance is a top exchanges and maybe investors and traders are going to deposit to play with the market at the end of the year. We've seen the price fluctuates from as high as $52k during Christmas but then again goes down to $46k.
Anyhow, I don't see any significant of this statistics, unless we really see a huge spike in the last. But there is none, maybe they just deposit trying to short and then get out in the first week of January.
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pooya87
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January 04, 2022, 04:38:13 AM |
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most exchanges witnessed large inflows of bitcoin deposits which have left a large deposited amount of Bitcoin to push the price of Bitcoin to the next all-time high in the early days of this year 2022.
Although there isn't necessarily a relationship here but these two are contradictory ideas. People deposit bitcoin on exchanges to sell which means you can't use the deposits as an indication of price rise. I say there is no solid relationship because you don't actually know if it is deposits or if it is the exchange topping up their own wallets from their cold storage addresses that aren't known to whatever service you are using that is coming up with those numbers. Also making a deposit doesn't have to mean selling, it may be to buy some shitcoins specially since some of the exchanges are mainly altcoin exchanges.
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Mamun74
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January 04, 2022, 07:15:14 AM |
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Recently most of investor and trader usually Using in Binance exchange. Binance is a big exchange and investor and trader deposit on exchange to play trade and sell in market end of this year.I think bitcoin deposit and price Between different purpose. Peoples deposit bitcoin to sell . i Think bitcoin deposit will be large in coming days and volume . Some days ago bitcoin price was $50k+ and now $47k+.I think bitcoin price will be grow in 2022.
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michellee
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January 04, 2022, 10:02:10 AM |
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I think those traders want to sell their bitcoin at a price now or want to wait for more or wait for a bitcoin price increase so they can sell it right away without waiting too long. But I do not think much about the bitcoin deposit at Binance or other exchanges and if something big will happen after that, I can see it and determine what I should do. Maybe the down of bitcoin price now is because the traders sell their bitcoin and take profit while the price is not going deeper so they can buy it back again in the next lower price. We can only speculate about what is going on without knowing the truth.
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Wind_FURY
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January 05, 2022, 09:25:31 AM |
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most exchanges witnessed large inflows of bitcoin deposits which have left a large deposited amount of Bitcoin to push the price of Bitcoin to the next all-time high in the early days of this year 2022.
Although there isn't necessarily a relationship here but these two are contradictory ideas. People deposit bitcoin on exchanges to sell which means you can't use the deposits as an indication of price rise. I say there is no solid relationship because you don't actually know if it is deposits or if it is the exchange topping up their own wallets from their cold storage addresses that aren't known to whatever service you are using that is coming up with those numbers. Also making a deposit doesn't have to mean selling, it may be to buy some shitcoins specially since some of the exchanges are mainly altcoin exchanges. OR it might also be used as collateral to trade Bitcoin, and/or shitcoins on leverage. OP, I know it’s frustrating, but we plebs should be doing is, when in doubt, zoom out. Save some of your salary for buying the DIP, and HODL. If Bitcoin can’t surge to six digits during this halving cycle, then it will be during the next cycle. ZOOM OUT.
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jossiel
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January 05, 2022, 09:33:54 AM |
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Those deposits are due to the people waking up their old addresses that has balances. Since the price of bitcoin became high and there are a lot of NFT games that came out, it's likely that many of those deposits were converted into those type of NFT assets.
But the fact that the hash rate has been on the ATH again, there's the significance on what's about to happen next.
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pooya87
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January 06, 2022, 10:31:54 AM |
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OR it might also be used as collateral to trade Bitcoin, and/or shitcoins on leverage.
Exactly. I've always said that the only thing the shitcoin market thrives is when bitcoin price isn't making any moves and even if that is for 24 hours, the funds move to trading shitcoins. As we can see bitcoin dropped a little today and shitcoins bled hard. But the fact that the hash rate has been on the ATH again, there's the significance on what's about to happen next.
Funny you should mention hashrate since a tiny drama about hashrate today causes a 10% panic sell. I guess people are waiting for an excuse these days to press that big sell button ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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Tellek Garing (OP)
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February 09, 2022, 06:32:37 PM |
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OR it might also be used as collateral to trade Bitcoin, and/or shitcoins on leverage.
Exactly. I've always said that the only thing the shitcoin market thrives is when bitcoin price isn't making any moves and even if that is for 24 hours, the funds move to trading shitcoins. As we can see bitcoin dropped a little today and shitcoins bled hard. But the fact that the hash rate has been on the ATH again, there's the significance on what's about to happen next.
Funny you should mention hashrate since a tiny drama about hash rate today causes a 10% panic sell. I guess people are waiting for an excuse these days to press that big sell button ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) That's very true the market is a little more stable today with Bitcoin making a breakthrough in the last couple of days back and altcoins flowing the same trend if the hash rate increase above what it currently is then the entire market will face a bull market, how long that will take to happen is what is not clear to us.
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adaseb
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February 10, 2022, 03:25:28 AM |
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Balance from exchanges has been decreasing for a long time now and we had many price declines. So this is not always an accurate indicator.
There are many reasons why bitcoins leave exchanges, one can be security. Many hear about hacking attempts and get a hardware wallet. Another reason can be that bitcoins value increased so people’s exposure is much higher than before. When Bitcoin was in the 4 digits many weren’t worried because it wasn’t worth as much.
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Jating
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February 10, 2022, 08:50:08 AM |
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Balance from exchanges has been decreasing for a long time now and we had many price declines. So this is not always an accurate indicator.
True that's why I was surprise to see this thread. There are many reasons why bitcoins leave exchanges, one can be security. Many hear about hacking attempts and get a hardware wallet. Another reason can be that bitcoins value increased so people’s exposure is much higher than before. When Bitcoin was in the 4 digits many weren’t worried because it wasn’t worth as much.
As the old adage goes, "not your keys, not your coins". So there's no point of putting your whole stash of bitcoin in an exchange because of an event of a hack or if the exchange suddenly freezes your account, you can't do anything about it. So that is a bad practice to leave your bitcoin even in the best exchanges right now.
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mia_houston
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February 10, 2022, 10:25:08 AM |
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Probably most of bitcoin from other platform was transferred to binance? See the green percentage of it. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) no just kidding. But what if? because as the matter of fact in year 2021 there's a lot of bad things happen wherein coinbase received a lot of negative feedback after being hacked. And about houbi as well that halting their service from other countries because of China.. Perhaps these a clues why most bitcoin in other platform is decreasing while binance seems still not affected, Just saying. Security is one of the reasons for investors to secure their assets to safer exchanges like binance today, the velocity of money that occurs on binance in my opinion is quite stable and that's why maybe some big investors are starting to leave exchange platforms such as houbi and coinbase, maybe not only investors who choose to secure their assets to a better exchange or to a hardware wallet, but we traders who have small capital will also do the same, moreover we know that small platforms do not have better security than provided by binance.
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cryptomaniac_xxx
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February 10, 2022, 12:25:07 PM |
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Those deposits are due to the people waking up their old addresses that has balances. Since the price of bitcoin became high and there are a lot of NFT games that came out, it's likely that many of those deposits were converted into those type of NFT assets.
This could be one factor or just simply they wanted to buy more because the price of bitcoin is going down. But not a good practice to kept it there, we all know that. But the fact that the hash rate has been on the ATH again, there's the significance on what's about to happen next.
And it seems that we are back to normal, although there is some scare because of the political issues in Kazakhstan but it seems the harsh rate has been normalize one month from the opening of this thread. So it's a non factor know.
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STT
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February 12, 2022, 11:58:26 PM |
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Exchanges are not the only place to put BTC, a ton of BTC is circulated on gambling sites and I bet some use nothing else but that process back and forth to cashing out or vice versa. We probably have to count the overall trend not just exchanges but its some indication towards momentum and growth.
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GreatArkansas
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February 13, 2022, 10:29:14 AM |
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Exchanges are not the only place to put BTC, a ton of BTC is circulated on gambling sites and I bet some use nothing else but that process back and forth to cashing out or vice versa. We probably have to count the overall trend not just exchanges but its some indication towards momentum and growth.
This is one of the indicators of most people, high inflows to exchanges = dumps, high outflows = pump. I don't believe at all for this, not a reliable indicator, you are right, not only on exchanges especially now there are already a lot of decentralized exchanges in which most altcoins are participating there especially Ethereum.
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