On-chain data shows a significant amount of old Bitcoin supply has flowed into Binance today, something that could be bearish for the crypto’s price.
Bitcoin Supply 1-6 Months Old Has Been Deposited To Binance
As pointed out by an analyst in a CryptoQuant post, this aged supply is likely to be in profits and hence the deposits could have been done to sell it. The relevant indicator here is the “Spent Output Age Bands” (SOAB), which measures the total amount of Bitcoin that each age band in the market is moving currently.