2024-8-23 01:00 |
Onchain Highlights
DEFINITION: The total amount of coins held on exchange addresses.
Bitcoin’s balance on exchanges has fluctuated throughout 2024, coinciding with a period of price fluctuation and asset increase. The charts reveal that the year-to-date (YTD) balance of Bitcoin on exchanges began around 3 million BTC and slightly increased to approximately 3.05 million BTC by early January before falling to 2.93 million BTC in June. However, since then, it has increased again to around 3.025 million.
Bitcoin: Exchange Balance: (Source: Glassnode)Historically, exchange balances have provided insight into market sentiment. From 2012 to 2020, the consistent rise in exchange-held BTC reflected a growing Bitcoin supply. However, since 2020, trends have varied more, with periods of both accumulation and distribution. The tapering off of Bitcoin balances in the last three years suggests a more cautious holding of Bitcoin on exchanges.
A reduction in growth and a move toward self-custody could contribute to the relatively steady Bitcoin price around the $60,000 mark during this period, indicating a potential consolidation phase as the market digests recent changes. Sentiment appears to have shifted toward Bitcoin, moving into self-custody and becoming a bullish indicator for the market.
Bitcoin: Exchange Balance: (Source: Glassnode)The post Bitcoin exchange balances retake 3 million in 2024 amid price fluctuations appeared first on CryptoSlate.
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