KuCoin Deposit Meets Counteracting EDGE Outflows
A recent deposit of $2.27 million into KuCoin has raised concerns about supply pressure on EDGE, but data suggests that outflows may be offsetting this risk.
The deposit is notable because it contrasts with the DEX's aggressive buyback-and-burn activity during Q2, which saw around $47 million worth of EDGE bought back and burned. This limited circulating supply, while the KuCoin deposit placed a sizable token batch closer to potential distribution.
However, data from CoinGlass shows that EDGE has recorded three consecutive days of negative exchange netflows, with the Spot netflow reaching -$419.36K on September 8th. This suggests that aggregate outflows have exceeded inflows despite the KuCoin deposit.
The short liquidations also added support to EDGE's recovery as they heavily exceeded long liquidations on Binance and other exchanges. The imbalance highlighted greater pressure on bearish positions, implying sellers faced resistance across different market segments.