Posted 11/20/2023, 7:02:00 AM
Bitcoin Inflows to Exchanges Rising, Potential Sign of Pause in Bull Run
- Bitcoin held in exchange wallets rising by $1.16B per month based on data
- Suggests potential pause in bull market as coins held by exchanges can mean intention to sell
- Total BTC balance on exchanges now 2.35 million
- Inflows to exchange wallets consistently positive since Nov 1, historically signals pullbacks
- Could also show renewed confidence in centralized exchanges after FTX collapse
- Bitcoin traded around $37,170, up 7.5% in February after 28% rise in January