Bitcoin sell-off next? Binance BTC balance shoots up $1.5B in one month
Binance is up over 50,000 BTC in a month, in sharp contrast to other major exchanges, while data suggests the market is going short BTC at $30,000. Bitcoin (BTC) traders may be gearing up for a sell-off as data shows tens of thousands of coins moving to exchanges. The latest figures from on-chain monitoring resource Coinglass confirm that global trading volume leader Binance’s BTC balance rose by over 50,000 BTC ($1.5 billion) in the past 30 days. Binance takes lion's share of exchange BTC balance increase With BTC/USD setting multi-month highs regularly since mid-March, the temptation to sell for both long-term (LTHs) and short-term holders (STHs) has no doubt increased. As Cointelegraph reported, actual selling pressure has thus far remained muted by historical standards, but on-chain data suggests that this could easily change. According to Coinglass, Binance alone now has 51,000 BTC more on its books than 30 days ago. Versus Match 10, when BTC/USD briefly challenged $20,000 su...