Quick Take
The Bitcoin market is witnessing a profound shift with a substantial influx of Bitcoin returning to exchanges.
Notably, this pivot unfolded on Dec. 6, a day that saw Bitcoin soaring beyond the $45,000 mark and later dipping as low as $40,000 on Dec. 11. During this interval, the market experienced a surge of approximately 23,000 BTC bouncing back onto exchanges, according to Coinglass.
Glassnode echoes this data with a reported influx of a similar amount of Bitcoin. It is evident that Bitcoin is flowing back into exchanges, altering the market dynamics. A significant contribution to this shift stems from Binance and Coinbase, two dominant platforms in the crypto arena.
Exchanges have seen a massive intake of nearly 10k Bitcoin in the past 24 hours, as reported by both Coinglass and Glassnode. This trend is critical for stakeholders to watch as it could indicate potential shifts in Bitcoin’s market sentiment and liquidity.
Exchange Balance: (Source: Glassnode)
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