Bitcoin Inflows Hit 1-Year Low As Price Climbs Steadily, As BNB Keeps Showing Strength, Hits New ATH

The inflow of Bitcoin has dropped to its lowest level in more than a year, with only 25K BTC sent into exchanges. The declining inflows and increasing outflow of BTC are among the major reasons behind Bitcoin’s steady climb since hitting its monthly low of $107k.

The recent price rise now means Bitcoin is enjoying its best September in 13 years. Another crypto that has been showing remarkable strength is BNB. While BNB just set a new all-time high at $955, analysts are predicting that it could continue with the bullish momentum to cross $1,000.

Bitcoin (BTC) Inflows Drop To 1-Year Low, Fueling Price Rise

According to a post from the on-chain analytics firm CryptoQuant, the inflow of BTC into all exchanges has dropped to its lowest point in one year. According to the post, only 25k BTC were sent to all crypto exchanges, marking a reduction in selling pressure as fewer people are sending their Bitcoin to exchanges.

This trend is further confirmed by nine consecutive days of Bitcoin outflows from Binance. CryptoQuant reports that the outflows and muted selling pressure could be a major driver behind Bitcoin’s recent price recovery. 

Since the Bitcoin ATH in August, its price has been on a steady decline, dropping to a monthly low of $107,250. However, the Bitcoin price has been steadily recovering, forming higher highs. The climb briefly saw the Bitcoin price hit $117,400 before dropping back to the $116,300 range.

According to a post by Ash Crypto, this increase of 8.03% in September is Bitcoin’s best September performance in the last 13 years. Kamran Asghar has predicted that Bitcoin could continue its rally above $120,000 after breaking out of the $116,000 resistance. 

BNB Hits New ATH, But Analysts Believe $1K Could Happen Soon

As the Binance exchange closes in on a deal with the U.S. Department of Justice to end regulatory oversight over a Bank Secrecy Act (BSA) violation, the BNB price has surged to a new ATH. On September 17, the price of BNB surged above $963 for a new all-time high.

BNB has been among the top-performing assets, gaining 14.7% in the last 30 days and more than 32.31% over the last 60 days. The growing institutional adoption of BNB as a reserve asset is another major fuel behind the BNB rise. 

B Strategy recently announced the launch of a $1 billion BNB treasury. With this growing interest, analysts have predicted that the BNB price could rally above $1,000 soon. CryptoMobese has predicted that the first major target for BNB when it crosses the $1,000 mark is at $1,200, representing an increase of approximately 25% from its current range.

In a Nutshell

As the selling pressure has reduced and resulted in a steady rise in the price of Bitcoin, Binance Coin has emerged as one of the best-performing altcoins. The bullish performance, which is supported by the growing institutional interest and the end of the Binance case, is why analysts believe that the BNB price might go higher than $1,000 in the near future.