Glassnode Draws Attention to Increasing BTC Reserves on Binance

According to data shared by Blockchain analytics platform Glassnode, the total amount of Bitcoin (BTC) held in Binance’s wallets has increased sharply over the past four weeks, reaching 692,880 BTC.

The volatility in the cryptocurrency market has also increased significantly in this process. The total market cap of the cryptocurrency ecosystem has reached $1.2 trillion, according to data from CoinMarketCap (CMC). On the other hand, Blockchain analytics platform Glassnode pointed to critical data it shared on its social media accounts and drew attention to the increasing BTC reserves on the cryptocurrency exchange Binance.

The total amount of Bitcoin (BTC) held in Binance’s wallets has risen sharply over the past four weeks, reversing the downtrend seen after FTX’s crash in November. According to data shared by Glassnode, the amount of BTC held on Binance has increased by 52,000 BTC in the last 4 weeks, reaching 692,880 BTC. Many analysts in the market warned that the increase in the amount of BTC held on crypto currency exchanges may indicate a new selling pressure in general and may cause a new decline in the crypto money market.