Binance BTC Deposit Volume Surges, Sell Signal Uncertain

On-chain analytics firm CryptoOnChain revealed that while Bitcoin deposit volume into Binance has increased, there is still no clear evidence that this will lead to large-scale selling. In a Cryptoscout article, they stated: "On May 15, 4,617.90 BTC was deposited into Binance - the largest amount in the survey period. On a daily average basis across all exchanges, there was a net inflow of 877 BTC per day. However, despite large deposits, actual selling has not followed. Net realized profit decreased by 89% week-on-week to $31.8 million. Perpetual futures funding rates also remained between 0.00% and 0.01%, indicating that leverage has not significantly increased. While the amount of sellable BTC has increased, there is still no clear direction in terms of leverage or U.S. spot demand," they explained.