Bitcoin (BTC) traders may be preparing for a selloff as data shows tens of thousands of coins moving onto exchanges.
The latest figures from the on-chain monitoring resource Coinglass confirm that The BTC balance of global trading volume leader Binance increased by more than 50,000 BTC ($1.5 billion) in the last 30 days.
Binance sees a rise in its BTC balance
Since the BTC/USD pair has been hitting multi-month highs regularly since mid-March, The temptation to sell for both long-term and short-term holders has certainly increased.
As Cointelegraph reported, Actual selling pressure has so far remained subdued by historical standards, but on-chain data suggests this could easily change.
According to Coinglass, sOnly Binance now has 51,000 more BTC on its books than it did 30 days ago. Compared to March 10, when the BTC/USD pair briefly challenged the $20,000 support, its balance has increased by almost 100,000 BTCas confirmed by independent data from the CryptoQuant analysis platform.
As big as these numbers seem, last week dwarfed the rate at which funds entered the exchange’s wallets.with a balance of 22,000 BTC just in the last seven days.
Binance, with the highest volume of operations of all exchanges -more than USD 10,000 million have been registered in the last 24 hours alone-, is an exception. In fact, other major exchanges have lost BTC or experienced negligible balance increases.
The aggregate increases over 30 days through April 28 add up to around 14,000 BTC, and the combined total holdings of the exchanges tracked by Coinglass now stand at 1.919 million BTC.
Bears Bet on $30,000 Price Top for BTC
arguably investor habits seen in recent weeks add to the pressure on bulls to break above $30,000 for support and continue higher.
The area around that level is the site of all-time record trading volume, making the importance of $30,000 more than just psychological.
The current state of liquidity on exchanges, followed by the DecenTrader trading suite shows that $35,000 is a key area in which to liquidate leveraged short positions in BTC.
As part of ongoing market analysis, DecenTrader he pointed that, Despite the BTC/USD rallying from local lows to trade near $29,500 on the day, bets on $30,000 remained out of reach as support continued to build.
“The short/long ratio now shows that there are more short ones than long ones”, he summarized to the followers of Twitter.
“This is at the same time as we’ve seen nearly $1 billion in Open Interest return, suggesting a lot of people are shorting the $30k resistance.”
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