Over the past week, Lookonchain analysts have recorded a total outflow of 86,520 ETH (~$150 million) from Binance and Kraken.
This is likely caused by traders attempting to store cryptocurrency themselves in response to recent US regulatory issues.
These issues include 13 charges by the Securities and Exchange Commission (SEC) against Binance and CEO Changpeng Zhao, and similar allegations against Coinbase – the company refused to change its business model.
Since then, Glassnode analysts have reported a decrease of 10,500 BTC in Binance balances.
Noticing this development, whales, Institutions and VCs “bought on the bottom” as noted by Lookonchain.