Number of Bitcoins On Exchanges Rises: Trust For Exchanges Regained?

Number of Bitcoins On Exchanges Rises: Trust For Exchanges Regained?

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By Miles

20 Nov 2023

1 min read

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Bitcoin in exchange wallets hit a high since May, signaling a potential market pause, as BTC price grows following Argentina's election.

According to Glassnode, the amount of bitcoin housed in centralized exchange wallets is multiplying, reaching its highest level since May. This spike may be a sign that there's a slowdown in the Bitcoin bull market. The exchange balance has hit 2.35 million BTC, worth approximately $1.16 billion.

Inflows into exchange wallets frequently suggest investors want to sell or use their Bitcoin for futures and options trading. A steady positive net position shift since November 1 indicates the possibility of a market slowdown. However, due to previous issues, this could indicate a rising trust in centralized exchanges.

Bitcoin is presently worth $37,161. It just reached a high of $37,517, possibly because of Milei's presidential victory in Argentina. Bitcoin has seen a 7.5% increase this month, adding to October's 28% rise.

Below is a chart showing Bitcoin's Price movement in the past 7 days https://coinpaprika.com/coin/btc-bitcoin/

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