Bitcoin

Bitcoin (BTC) experienced a strong price movement after a U.S. court <a href="https://news.todayq.com/sec-forced-to-reconsider-grayscales-spot-bitcoin-etf-application/" rel="noopener noreferrer nofollow">ruled</a> that the Securities and Exchange Commission (SEC) was wrong in rejecting Grayscale’s request to turn their Bitcoin trust into an exchange-traded fund (ETF). Before this ruling, about 30,000 BTC worth around $822 million were moved to centralized exchanges according to the data from analytics firm Santiment.&nbsp; 
📈 The exchange supply of 
This influx of Bitcoin coincided with a remarkable 6% surge in its price, propelling the premier cryptocurrency to a noteworthy $28,000. This increased movement to exchanges can propose potential price changes. Before Grayscale’s victory over the SEC, there was a noticeable increase in Bitcoin being sent to exchanges. This indicates that some people might have known about the upcoming rise in the cryptocurrency market due to the court decision. 
Some quick traders seemed to have expected the impending price surge and positioned themselves advantageously by moving their Bitcoin holdings to exchanges. Such movements typically occur when investors intend to either liquidate their assets or utilize them as margin collateral for derivative trading. Consequently, an increase in Bitcoin inflows to exchanges is often analyzed as an early signal of potential price volatility. 
Data gathered by CryptoQuant, a South Korea-based cryptocurrency analysis firm, demonstrated that the mean inflow of BTC transferred to exchanges per transaction soared to 1.146, marking its highest level since June 21. This surge overlapped with Bitcoin’s price climb to $28,000. 
Although a spike in the mean inflow statistic could imply that a large volume of coins is being moved in a single transaction, apparently indicating an increased selling pressure, this may not be the sole narrative this time around. An intriguing offset to this surge in inflows was the concurrent spike in mean outflows, which reached a two-month high. Moreover, the aggregate balance of Bitcoin held on exchanges, particularly those catering to spot trading, experienced a decline. 
Recently a <a href="https://news.todayq.com/whale-under-suspicion-for-insider-trading-after-xrp-price-rally/" rel="noopener noreferrer nofollow">similar</a> instance was observed on July 13, 2023, when XRP achieved a partial victory against the SEC, resulting in an 80% price movement in a single day, it was observed that prior to this particular victory, whales had accumulated XRP worth $170 million between June 22 and June 28. Additionally, they have acquired a significant 1.1 billion XRP tokens since February.&nbsp; 
© Todayq News

Influx of 30K Bitcoin to exchanges preceding Grayscale’s SEC Win

Todayq News

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