Bitcoin Held in Exchange Wallets Rising at Pace of $1.16B a Month, Data Show
The inflow comes as bitcoin has gained 7% this month, extending October's 28% rally....
- The amount of Bitcoin (BTC) held in wallets tied to centralized cryptocurrency exchanges is increasing at the fastest pace since May, suggesting a potential pause in the bull market.
- Glassnode's bitcoin exchange net position change metric shows a rise to 31,382.43 BTC ($1.16 billion) on Sunday, the highest since May 11, 2023.
- The total balance held on exchanges is now 2.35 million BTC.
- Inflows into exchange wallets are usually seen as investors' intention to sell or use coins as margin in futures and options markets, while outflows represent accumulation.
- Positive net position changes have historically coincided with bull market breathers or price pullbacks.
- The recent inflow could also indicate renewed investor confidence in centralized exchanges.
- Bitcoin is currently trading at $37,170, with a 7.5% gain this month and a 28% rise in October.
The article provides a neutral analysis of the increase in Bitcoin held in wallets tied to centralized cryptocurrency exchanges, suggesting both potential selling pressure and renewed investor confidence.