Why Does Bitcoin Keep Losing Steam? On-Chain Data Has a Clue
Binance’s stablecoin reserves have dropped to $41.6 billion, a one-year low, after $6.3 billion left the exchange since April. The drain is market-wide, and it is starving crypto rallies of fresh buying power. Prices have not collapsed. Bitcoin (BTC) trades near $83,350, roughly 4% below its September peak. However, the cash needed to push it The post Why Does Bitcoin Keep Losing Steam? On-Chain Data Has a Clue appeared first on BeInCrypto.
Key Takeaways
- Binance’s stablecoin reserves have dropped to $41.6 billion, a one-year low, after $6.3 billion left the exchange since April.
- The drain is market-wide, and it is starving crypto rallies of fresh buying power.
- Prices have not collapsed.
Summary generated by IndiCrypto from BeInCrypto. IndiCrypto is a news aggregator and does not provide investment advice. Read the original article for full context.
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