Glassnode keep spreading misguided information, so we clarified what happend on Gemini deposit.

The source of funds is not Gemini if you track down transactions. They don't use P2SH addresses for user deposits wallets which prefix starts with '3'. It is supposed to start with 'bc1' or '1'.

If you make a user deposit wallet on Gemini, it only gives you Bech32 addresses or P2PKH addresses.

1. Bech32 addresses, which start with bc1
2. P2SH addresses, which start with 3
3. P2PKH addresses which start with 1

Here's the transaction link. We think there are three possibilities:

1. Whale deposited BTC into Gemini user wallet
2. Filling up Gemini's liquidity from other exchanges
3. OTC deals

This is NOT an internal transfer.

Read All Thread | @cryptoquant_official

$ETH reserve across all centralized exchanges is decreasing, while $BTC reserve is repeating up and down since January this year.

And we just had the second-largest $ETH outflow this year in hourly data. It seems a sell-side liquidity crunch on centralized exchanges is intensifying. This is bullish.

Analyst: Ki Young Ju |Live Chart | @cryptoquant_official

Simple exchange reserve analysis for altcoins:

🟢 Reserve is decreasing:
$YFI / $MKR / $LINK (noticeable)

🟡 Pretty much flat:
$COMP / $SUSHI / $UNI / $AAVE

🔴 Reserve is increasing:
$SNX / $BAT / $UMA (noticeable)

In sell-side liquidity-wise, $LINK looks good, and $UMA looks bad in the long-term. This is an oversimplified analysis tho. Do your own research.

Analyst: Ki Young Ju | Live Chart | @cryptoquant_official