Cryptocurrency

Bitcoin

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 <p class="paragraph">Bitcoin (BTC) experienced a bull run in the last <a rel="noopener noreferrer nofollow" title="month" href="https://thebittimes.com/tag/month.html">month</a>, up more than 30% since October 15. This created an opportunity for investors, traders, and Bitcoin miners to realize profit by selling their coins. In the meantime, centralized <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> BTC reserves increased by approximately $1.2 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> <a rel="noopener noreferrer nofollow" title="worth" href="https://thebittimes.com/tag/worth.html">worth</a> of the leading cryptocurrency.</p>
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 <p class="paragraph">Notably, exchange reserves registered an increase of 34,315 BTC from October 20 to November 14, according to a <em>Glassnode</em> chart shared by Ali Martinez on X.</p>
 <p class="paragraph">Reserves dropped to around 2.32 million BTC, the lowest in the chart, bouncing up to more than 2.35 million BTC at its highs. Considering Bitcoin’s price in the $36,000 zone by press time, the increase sums up to $1.23 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> <a rel="noopener noreferrer nofollow" title="worth" href="https://thebittimes.com/tag/worth.html">worth</a> of a possible market sell-off.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/11/15/e1efcc751094269e6828d9011786f586.webp" alt="Bitcoin: Balance on exchanges (total) [BTC] - All Exchanges." class="wp-image-137505" srcset="https://cdn.thebittimes.com/images/2023/11/15/e1efcc751094269e6828d9011786f586.webp 1024w, https://cdn.thebittimes.com/images/2023/11/15/e1efcc751094269e6828d9011786f586.webp 300w, https://cdn.thebittimes.com/images/2023/11/15/e1efcc751094269e6828d9011786f586.webp 768w, https://cdn.thebittimes.com/images/2023/11/15/e1efcc751094269e6828d9011786f586.webp 1536w, https://cdn.thebittimes.com/images/2023/11/15/e1efcc751094269e6828d9011786f586.webp 1800w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin: Balance on exchanges (total) [BTC] – All Exchanges. Sources: <em>Glassnode</em> and <em>@ali_charts</em>
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 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis-amid-exchange-reserves-increase">Bitcoin price analysis amid exchange reserves increase</h2>
 <p class="paragraph">Interestingly, Bitcoin price initially surged a few days before exchange reserves reached the above chart’s lows. Signaling an increased demand for BTC that was possibly withdrawn to cryptocurrency wallets. On October 15, Bitcoin was changing hands at $27,174 per coin.</p>
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 <p class="paragraph">Nevertheless, the increased demand contributed to a bullish continuation, while exchange reserves started to grow alongside the price. This can be explained by cryptocurrency traders showing willingness to sell their digital assets.</p>
 <p class="paragraph">Bitcoin was traded for as high as $37,978 during this reserve’s increase, creating the perfect scenario of enough liquidity for sellers at higher prices. On November 14, the reserves’ peak, BTC dropped to as low as $35,000, consolidating this liquidity against an increased supply.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="661" src="https://cdn.thebittimes.com/images/2023/11/15/6ce79b17d3ca90f88fdce76162c27398.webp" alt="Bitcoin (BTC) daily price chart." class="wp-image-137506" srcset="https://cdn.thebittimes.com/images/2023/11/15/6ce79b17d3ca90f88fdce76162c27398.webp 1024w, https://cdn.thebittimes.com/images/2023/11/15/6ce79b17d3ca90f88fdce76162c27398.webp 300w, https://cdn.thebittimes.com/images/2023/11/15/6ce79b17d3ca90f88fdce76162c27398.webp 768w, https://cdn.thebittimes.com/images/2023/11/15/6ce79b17d3ca90f88fdce76162c27398.webp 1536w, https://cdn.thebittimes.com/images/2023/11/15/6ce79b17d3ca90f88fdce76162c27398.webp 1875w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin (BTC) daily price chart. Source: <em>TradingView</em>
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 <p class="paragraph">It is also note<a rel="noopener noreferrer nofollow" title="worth" href="https://thebittimes.com/tag/worth.html">worth</a>y that Bitcoin mining adds approximately 900 BTC to the circulating supply every day. In a 30-day time frame, this translates to an extra 27,000 BTC ready to be sold by mining companies, pools, and individual operators to pay for their expenses in a costly activity.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/1-2-billion-worth-of-bitcoin-sent-to-exchanges-in-a-month-tbt70383.html">https://thebittimes.com/1-2-billion-worth-of-bitcoin-sent-to-exchanges-in-a-month-tbt70383.html</a></p>

$1.2 billion worth of Bitcoin sent to exchanges in a month

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