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$1.2 billion worth of Bitcoin sent to exchanges in a month

$1.2 billion worth of Bitcoin sent to exchanges in a month

Bitcoin (BTC) experienced a bull run in the last month, up more than 30% since October 15. This created an opportunity for investors, traders, and Bitcoin miners to realize profit by selling their coins. In the meantime, centralized exchange BTC reserves increased by approximately $1.2 billion worth of the leading cryptocurrency.

Notably, exchange reserves registered an increase of 34,315 BTC from October 20 to November 14, according to a Glassnode chart shared by Ali Martinez on X.

Reserves dropped to around 2.32 million BTC, the lowest in the chart, bouncing up to more than 2.35 million BTC at its highs. Considering Bitcoin’s price in the $36,000 zone by press time, the increase sums up to $1.23 billion worth of a possible market sell-off.

Bitcoin: Balance on exchanges (total) [BTC] - All Exchanges.
Bitcoin: Balance on exchanges (total) [BTC] – All Exchanges. Sources: Glassnode and @ali_charts

Bitcoin price analysis amid exchange reserves increase

Interestingly, Bitcoin price initially surged a few days before exchange reserves reached the above chart’s lows. Signaling an increased demand for BTC that was possibly withdrawn to cryptocurrency wallets. On October 15, Bitcoin was changing hands at $27,174 per coin.

Nevertheless, the increased demand contributed to a bullish continuation, while exchange reserves started to grow alongside the price. This can be explained by cryptocurrency traders showing willingness to sell their digital assets.

Bitcoin was traded for as high as $37,978 during this reserve’s increase, creating the perfect scenario of enough liquidity for sellers at higher prices. On November 14, the reserves’ peak, BTC dropped to as low as $35,000, consolidating this liquidity against an increased supply.

Bitcoin (BTC) daily price chart.
Bitcoin (BTC) daily price chart. Source: TradingView

It is also noteworthy that Bitcoin mining adds approximately 900 BTC to the circulating supply every day. In a 30-day time frame, this translates to an extra 27,000 BTC ready to be sold by mining companies, pools, and individual operators to pay for their expenses in a costly activity.

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