JUST

Cryptocurrency

Bitcoin

Blockchain analysis firm Glassnode's Bitcoin exchange net position change metric showed that Bitcoin (BTC) stored in wallets connected to centralized cryptocurrency exchanges has increased rapidly since May.
<h2 id="the-number-of-bitcoins-held-in-exchange-wallets-is-rising-rapidly">The Number of Bitcoins Held in Exchange Wallets is Rising Rapidly</h2>
Bitcoin gained 7% this month, extending its 28% rise in October.
Compared to the same date four weeks ago, the number of BTC held in exchange wallets rose to 31,382.43 BTC ($1.16 billion) on Sunday, the highest level since May 11, 2023. This increased the total balance held on exchanges to 2.35 million BTC.
Entry into exchange wallets commonly represents investors' intention to liquidate their assets, a potential selling pressure, or the intention to use coins as margin in the futures and options markets.
Related News: <a href="https://en.bitcoinsistemi.com/just-in-pro-bitcoin-candidate-javier-milei-wins-election-in-argentina-btc-breaks-37000/" target="_blank" rel="noopener noreferrer nofollow">JUST IN: Pro-Bitcoin Candidate Javier Milei Wins Election in Argentina, BTC Breaks $37,000</a>
BTC exchange net position change has been consistently positive since November 1. Historically, such periods have coincided with periods when the bull market took a breather or prices pulled back.
However, the latest entry may also indicate renewed investor confidence in centralized exchanges.
It is worth noting that the security of coins held in exchange wallets came into question following the crash of Sam Bankman Fried's FTX exchange late last year.
This led investors to remove the coins from exchanges and place them under their direct control.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/the-number-of-bitcoin-btc-held-in-cryptocurrency-exchanges-is-increasingly-increasing-what-does-this-sign/" rel="noopener noreferrer nofollow">The Number of Bitcoin (BTC) Held in Cryptocurrency Exchanges is Increasingly Increasing! What does this sign?</a>

The Number of Bitcoin (BTC) Held in Cryptocurrency Exchanges is Increasingly Increasing! What does this sign?

Table of Contents

Bitcoin Sistemi EN

Other articles published on Nov 20, 2023

Philippines Makes Historic Move With $270 Mln Maiden Tokenized Bond Sale

Kronos Research halts trading amid $25M API key hack investigation

Decentralized Exchange dYdX Implements New Risk Measures After $9 Million Insurance Fund Depletion

Worldcoin Surged 26.5%: A Look Behind the Sudden Rally

How to Buy Orchid Coin?

Patex named the Best Latam Blockchain Ecosystem of 2023

Join our free newsletter for daily crypto updates!