Major Exchange BTC Balance Reaches 3.04 Million, Highest Level Since March

IconCryptoNewsTerminal Staff19 Jul, 2024

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Major Exchange BTC Balance Reaches 3.04 Million, Highest Level Since March

Major exchanges now hold approximately 3.04 million Bitcoin (BTC), the highest level since March this year, according to on-chain data provider Glassnode. Just five days prior, on July 14, the balance of Bitcoin on exchanges was reported to be 2.99 million. This significant increase in such a short time frame has raised concerns. Historically, an increase in exchange balances has been associated with increased selling pressure. A similar trend was observed in March when the exchange balance reached a similar level of 3.04 million. At that time, the price of Bitcoin was around $71,455. Within a month, it had dropped to $68,960. It remains to be seen whether the current increase in exchange balances will have a similar impact on the price of Bitcoin. However, it is a development that traders and investors should be aware of.

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