Blockchain analysis platform CryptoQuant is $XRP Investors have been withdrawing large amounts of assets from Binance in recent days. According to the data, a total of about 403 million $XRP I was withdrawn from Binance from May 3rd.
It was noted that most of these transactions consisted of $1 million. $XRP And it is believed that the data primarily reflects the behavior of whales and institutional investors.
The analysis added that more than 1 million large-scale withdrawal transactions have occurred on Binance since May 3. $XRP Threshold almost every day. CryptoQuant said that this is one of the world’s largest crypto exchanges and that this is not a one-off event, but rather a steady outflow trend.
The company noted that as large investors withdraw their assets from exchanges, the supply on the trading platform, which is generally liquid, may decrease. Although this does not guarantee a direct increase, $XRP This may signal a shift in the direction of a shift in the direction of short-term selling pressure being eased and large investors becoming more likely to hold the stock.
Related news Will the NFT boom that has taken the world by storm make a comeback?
CryptoQuant also noted that the current volatility is different from the pattern seen on Coinbase in the previous period. The days that came to mind were March 27th, March 30th, and April 13th. $XRP was trading around $1.34, and Coinbase saw a large outflow. These deals showed that large investors were flocking to low-priced areas.
However, it has recently been noticed that the activity has shifted to Binance. Continuous large $XRP Outflows from Binance after May 3rd are: $XRP The price has recovered to around $1.47. CryptoQuant said this pattern is significant as large withdrawal transactions are becoming a permanent trend rather than being seen only on certain days.
The company said that historically, regular and large-scale outflows of cryptocurrencies from exchanges have often been interpreted as a decrease in the desire for accumulation, custody transfer, or short-term sales.
*This is not investment advice.
