ETH inflows into Binance hit a record high since July, potentially reflecting that whale are preparing to sell.
TL;DR
A record high net inflow of 24,500 ETH into Binance since July suggests whales may be preparing to sell, potentially increasing selling pressure and limiting short-term upside for ETH, which is consolidating around $2980. This situation is bearish in the short term, advising caution for long positions.
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ChainCatcher reports that CryptoOnchain posted data on social media showing a large influx of Ethereum funds into Binance, with net inflows surging to 24,500 ETH, the highest level since July. Such a significant net inflow typically indicates more ETH is flowing into trading platforms, often a precursor to selling pressure. This phenomenon may reflect whale preparing to sell, or traders adjusting their positions for derivatives hedging.
ETH is currently consolidating around $2980, and increased supply on trading platforms may limit short-term upside potential. Historically, similar surges in fund inflows have often been accompanied by higher volatility or price declines. Overall, the current situation remains bearish in the short term, and those holding long positions should exercise caution.