Binance Faces Money Outflow and Sent Bitcoin Towards Support
Jun 12, 2023

BITCOIN

Binance is facing hard times with SEC sues and by money outflow. According to our data, last 24 hours, Binance net outflow is about $392 mln, so let’s keep an eye on the stability of cryptocurrencies.
There were BTC outflows from Binance following recent events, however, it’s encouraging to note that the movement of Bitcoin to private wallets indicates that retail investors are choosing to hold onto their Bitcoin rather than keeping them on exchanges, potentially facilitating exchanges for fiat or alternative cryptocurrencies.

Binance Faces Money Outflow and Sent Bitcoin Towards Support Binance Exchange Outflow
Binance Exchange Outflow

Looking at Bitcoin futures Elliott wave chart, we see it forming a bullish setup formation with five waves up from the lows, followed by an A-B-C corrective setback. Supports are at 25k followed by 21500.

Binance Faces Money Outflow and Sent Bitcoin Towards Support Bitcoin CME Futures Daily Chart
Bitcoin CME Futures Daily Chart

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