Between July 15 and July 28, the entire quantity of BTC held on change addresses elevated considerably, with over 35,000 new BTC added to change balances.
Knowledge from Glassnode confirmed change balances beginning at 3,000,466 BTC in July and peaking at 3,046,600 BTC on July 17 earlier than settling at 3,035,711 on July 28. This represents a big enhance, particularly given the final development of lowering change balances previously yr.
A better have a look at the correlation between change balances and worth reveals an attention-grabbing relationship. Initially, a rise in change balances usually correlates with a worth lower because the market prepares to promote. That is evident within the rise in balances we noticed on July 17, which got here as Bitcoin’s worth dropped to $64,120.
Nonetheless, this development reversed as change balances elevated alongside worth. This inverse relationship is especially evident from July 23 to July 28, when balances elevated from 3,027,282 BTC to three,035,711 BTC, and the worth surged from $65,929 to $68,222. The launch of Ethereum ETFs appears to have triggered a big spike in transfers to exchanges, as indicated in earlier CryptoSlate reviews.
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