Rapid Increase in BTC Holdings on Exchanges Signals Potential Bull Run – Expert Analysis and Market Insights

2023-11-20 18:08:40

Recently, the amount of BTC stored on some cryptocurrency trading platforms has been increasing at a rapid pace, which is mainly due to the increase in exchange rates. So far in November, the crypto flagship is up 7%, continuing October’s 28% rally. Since May 2023, the amount of BTC BTC PRICE coins held in wallets linked to centralized crypto exchanges has been growing at a frantic pace. All this suggests the approach of a future bull run. The blockchain analysis company Glassnode deduced from the change in its metric determined from the net position of bitcoin on the stock exchange that the total amount of coins resting on various trading surfaces increased by 31,382.43 BTC (approximately $1.16 billion) over the course of 1 month. There has been no such thing since May 11, 2023, and thus there are currently 2.35 million bitcoins on the platforms of individual crypto exchanges. The influx of cryptos into wallets is indicative of investors’ intent to liquidate their assets and may also demonstrate potential selling pressure. In addition, by depositing the coins, futures and options transactions are possible. In contrast, the withdrawal of cryptocurrencies from exchanges represents a wave of accumulation. Since the first of November, BTC’s net position on the stock exchange has shown a positive trend – in the past, such periods have caused exchange rate corrections or temporary lulls in the bull market. At the same time, the current situation could easily mean a renewal of investor confidence. The safety of assets held on stock exchanges became very questionable last year after the collapse of FTX. However, in addition to Sam Bankman-Fried’s company, 2 other platforms also submitted the key, which unsettled the players of the sector. This resulted in investors preferring to take care of their cryptos directly. At the time of writing this article, the exchange value of bitcoin is 37,310 dollars, and the boom of the past few days can be attributed to the final result of the Argentine presidential election. As you know, Javier Milei, who supports bitcoin, has become the new president of the South American country. For now, it is difficult to navigate the maze of different exchange rate forecasts, but the most significant market indicators suggest that the purchase price of BTC may soon rise above $40,000.

#amount #BTC #exchanges #increases #billion #dollars #month

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.