Bitcoin inflows into crypto exchange Binance have surged over the past two weeks amid uncertainty over US President Donald Trump’s tariffs and the upcoming US Consumer Price Index (CPI) results, says an analyst.
However, another analyst argued that while it could signal an impending sell-off, it might also indicate a bullish trend.
Investors are “actively moving funds to Binance”
CryptoQuant contributor Maarten Regterschot said in an April 9 post that Binance’s Bitcoin (BTC) reserve increased by 22,106 BTC, worth $1.82 billion, over the last 12 days to a total of 590,874 BTC.
“This shows a strong acceleration in BTC inflows to Binance. It’s likely that investors are actively moving funds to Binance due to the macro uncertainty and before the upcoming CPI announcement,” Regterschot said.
CoinMarketCap shows Bitcoin is trading at $82,474 at the time of publication, up 8.8% in the past day after receiving a boost from Trump’s 90-day tariff pause on all countries but China.
Binance’s Bitcoin Reserve has 590,874 Bitcoin. Source: CryptoQuant
The US Bureau of Labor Statistics is scheduled to deliver the CPI results for March on April 10.
During uncertain times, traders often move their crypto onto exchanges to sell, leading to more volatility as confidence starts to decline.
However, Swyftx lead analyst Pav Hundal told Cointelegraph that this isn’t always a bearish signal. “Large inflows could be a sign of selling, but it is a very fluid market. It is plausible that Binance is shifting assets into its hot wallets to meet heavy demand.”
“The next few days are critical in understanding the appetite of the market for crypto after Trump’s climbdown on tariffs,” he said.
Earlier on April 9, Trump issued a 90-day pause on his administration’s “reciprocal tariffs,” lowering the tariff rate to 10% on all countries besides China, which he ramped up to 125%, citing the country’s counter-tariffs against the US.
“Tensions between the US and China remain a structural overhang,” Hundal said.
Related: Bitcoin price at risk of new 5-month low near $71K if tariff war and stock market tumult continues
Meanwhile, crypto analyst Matthew Hyland said that the March CPI results “will show inflation is crashing down probably close to 2.5%.”
“Another interesting day coming,” he added.
Crypto analyst Dyme said, “Lower than expected CPI print will send us higher.”
However, FactSet’s consensus estimates show economists expect consumer prices to have risen by 0.1% month-over-month in March.
On March 12, the CPI came in lower than expected at 3.1%, beating expectations of 3.2%, with a corresponding 0.1% drop in headline inflation figures.
Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Read the full article here
Follow us on Google News to get the latest Updates
