During the uncertainty ahead of President Donald Trump's tariff exemption measures and the U.S. March Consumer Price Index (CPI) announcement, Binance's Bitcoin (BTC) deposit volume has surged. This is interpreted as investors preparing for market instability, with some viewing it as a bullish signal.
Marten Leggerscot, a contributor to the cryptocurrency analysis platform CryptoQuant, explained in a report on the 9th that "over the past 12 days, 22,106 BTC, approximately $182 million (about 2.66 trillion won), has been net deposited into Binance, increasing the total holdings to 590,874 BTC". He analyzed that "investors are actively moving funds to exchanges ahead of policy uncertainty and CPI announcement".
On the same day, based on CoinMarketCap, Bitcoin recorded $82,474, rising 8.8% in a single day after President Trump's 90-day tariff exemption announcement. With this measure, tariff rates for most countries except China were lowered to 10%, while for China, they were raised up to 125% due to retaliatory tariffs. This news immediately acted as a positive factor for the market.
While President Trump temporarily suspended the 'reciprocal tariff' policy, the U.S. Bureau of Labor Statistics is scheduled to release the March CPI figures on the 10th. The cryptocurrency market traditionally tends to move funds to exchanges and prepare for selling ahead of major indicator announcements. This is usually accompanied by market sentiment contraction and volatility.
However, Fave Hundal, chief analyst at Swyftx, pointed out that such an interpretation is not always correct. He stated, "While large deposits could be a sell signal, in a high-demand situation like now, Binance might be moving assets to hot wallets" and "the next few days will be crucial in gauging how optimistic the market is after the change in President Trump's policy stance".
Cryptocurrency analyst Matthew Hyland suggested that March CPI is likely to drop to around 2.5% and said, "It will be another important day". Another analyst, Dyme, also predicted that "lower-than-expected inflation rates could drive Bitcoin prices up".
Meanwhile, according to financial information company FactSet, economists expect March consumer prices to have risen 0.1% month-on-month. The CPI figure announced on March 12th was 3.1%, falling below the expected 3.2%.
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