Between July 15 and July 28, the total amount of BTC held on exchange addresses increased significantly, with over 35,000 new BTC added to exchange balances.
Data from Glassnode showed exchange balances starting at 3,000,466 BTC in July and peaking at 3,046,600 BTC on July 17 before settling at 3,035,711 on July 28. This represents a significant increase, especially given the general trend of decreasing exchange balances in the past year.
Graph showing the total amount of BTC held on exchange addresses from July 13 to July 29, 2024 (Source: Glassnode)
A closer look at the correlation between exchange balances and price shows an interesting relationship. Initially, an increase in exchange balances generally correlates with a price decrease as the market prepares to sell. This is evident in the rise in balances we saw on July 17, which came as Bitcoin’s price dropped to $64,120.
However, this trend reversed as exchange balances increased alongside price. This inverse relationship is particularly evident from July 23 to July 28, when balances increased from 3,027,282 BTC to 3,035,711 BTC, and the price surged from $65,929 to $68,222. The launch of Ethereum ETFs seems to have triggered a significant spike in transfers to exchanges, as indicated in previous CryptoSlate reports.
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