Bitcoin Exchange Holdings Surge by 35,000 BTC in Two Weeks
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For the past two weeks there was a notable surge in the amount of Bitcoin held in exchange wallets, with more than 35,000 BTC added.
Glassnode data shows that exchange balances started at approximately 3,000,466 BTC in early July, reached a high of 3,046,600 BTC on July 17, and settled at 3,035,711 BTC by the end of the month.
This rise is particularly striking given the overall trend of declining exchange balances over the past year.
Examining the link between exchange balances and Bitcoin prices reveals an intriguing pattern.
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Typically, when more Bitcoin is held on exchanges, it indicates potential selling pressure, often leading to price drops.
This was observed on July 17, when an increase in exchange balances coincided with Bitcoin’s price falling to $64,120.
Interestingly, this pattern changed later in the month. Between July 23 and July 28, both exchange balances and Bitcoin prices increased together.
During this period, exchange balances grew from 3,027,282 BTC to 3,035,711 BTC, while the price rose from $65,929 to $68,222.
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