Substantial Bitcoin return to exchanges marks fourth largest single-day event of 2023

2023-7-29 00:00

Quick Take

Bitcoin Returns to Exchanges Surge

Yesterday, July 27, marked a significant event in Bitcoin trading, with approximately 6,500 Bitcoin returning to exchanges. This influx of Bitcoin ranks as the fourth largest single-day event of its kind, demonstrating a substantial shift in investor behavior.

Locking Into Profits

The only occasions surpassing this event occurred on Jan. 19 and March 14, when even larger amounts of Bitcoin were returned to exchanges. The motivation behind these moves is likely due to investors seeking to lock into profits, as these Bitcoins were initially purchased at lower price levels.

Bitcoin Consolidation Below $30,000

As we head into August, Bitcoin continues to consolidate below the $30,000 mark. This ongoing consolidation phase indicates a period of relative stability and reduced volatility for the cryptocurrency.

Exchange Balance: (Source: Glassnode)

The post Substantial Bitcoin return to exchanges marks fourth largest single-day event of 2023 appeared first on CryptoSlate.

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