People are probably going to freak out over this balance update for no good reason. I honestly think half the panic right now is just folks misreading exchange data instead of looking at reality.
Earlier today Coin Metrics dropped a note saying a change in how they track Binance balances could make it look like a massive wave of $BTC is flooding onto exchanges. It looks like a huge rush to sell, but it's really just a tracking adjustment.
With the fear and greed index sitting down at 25 and the total value of all coins dropping -2.85% since yesterday, people are already jumpy. Bitcoin still makes up 59.3% of everything, so any weird blip in balance numbers gets amplified fast.
It's crazy how easily a simple data fix can trigger real anxiety right before major economic updates.
Did you catch those weird balance numbers earlier, or do you usually ignore exchange tracking metrics altogether?
NFA | DYOR #BinanceSquare #WriteToEarn #Bitcoin #Crypto
Earlier today Coin Metrics dropped a note saying a change in how they track Binance balances could make it look like a massive wave of $BTC is flooding onto exchanges. It looks like a huge rush to sell, but it's really just a tracking adjustment.
With the fear and greed index sitting down at 25 and the total value of all coins dropping -2.85% since yesterday, people are already jumpy. Bitcoin still makes up 59.3% of everything, so any weird blip in balance numbers gets amplified fast.
It's crazy how easily a simple data fix can trigger real anxiety right before major economic updates.
Did you catch those weird balance numbers earlier, or do you usually ignore exchange tracking metrics altogether?
NFA | DYOR #BinanceSquare #WriteToEarn #Bitcoin #Crypto