Bitcoin has seen a notable increase in exchange balances recently, with around 64,000 BTC, equivalent to about $4.1 billion, moving onto exchanges in the past month
Bitcoin exchange balances have seen a notable increase recently, with around 64,000 BTC, or roughly $4.1 billion, flowing onto exchanges in the past month, according to Glassnode data.
This follows a trend of declining exchange-held Bitcoin that began in early 2024 and was influenced by the introduction of spot Bitcoin ETFs in the US, which was further amplified after the halving event in April.
At the end of 2023, Bitcoin exchange balances rose sharply, peaking in late January 2024. This increase coincided with a local price dip, which came after the initial hype around Bitcoin ETFs subsided. Traders likely moved Bitcoin to exchanges to capitalize on a price rally that started in October.
However, as Bitcoin’s price surged again around March and May 2024, a significant amount of Bitcoin flowed out of exchanges, indicating a preference among investors to store their assets in personal wallets for the long term.
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Bitcoin (BTC) Sees Explosive Trading Volume Surge
Recently, the trend has reversed with a noticeable influx of Bitcoin back onto exchanges. This suggests that traders might be selling into the market dip or adjusting their positions based on current price movements. Such inflows often signal an uptick in trading activity, potentially for profit-taking or preparing for upcoming market changes.
Since July 14, there has been a small reversal, with approximately 1,000 BTC moving off exchanges.
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