Bitcoin CEX Net Deposits Hit $2B Since December
Date
1/19/2024 3:20:47 PM
(MENAFN- eTrendy Stock)
IntoTheBlock analysts have reported a continuous increase for the sixth consecutive week.
They note that Bitcoin's (BTC) net deposits have surged to $2 billion since December on decentralized exchanges (CEX).
Binance currently holds the highest BTC trading volume, with the BTC/FDUSD trading pair taking the lead at $2.82 billion, reflecting the growing dominance of this stablecoin on the exchange.
Bitcoin paired with Tether (USDT) takes the second spot in trading volume on Binance, reaching $2.16 billion.
The Coinbase exchange secures the third position with BTC trading paired with USDT, boasting over $1 billion, nearly half of Binance's trading volume.
OKX and Bybit claim the fourth and fifth positions with a trading pair with USDT. Their volumes stand at $793 million and $310 million, respectively.
List of exchanges where Bitcoin (BTC) is traded. Source: CoinMarketCap Whales show increased interest in purchasing Bitcoin
The substantial inflows of cryptocurrency, indicative of notable whale activity , could be interpreted as a strategic move, possibly hinting at the anticipation of an imminent bull run in the crypto market.
During the initial weeks of January, significant market players made substantial moves in the crypto space. They acquired over 30,000 BTC, according to insights from analysts.
CC15Capital's analyst documented whale activity , noting that on Jan. 8 and 9, a single investor purchased 2,890 BTC. This amounts to $116 million, considering the current exchange rate of $40,357 at the time of writing.
CoinMetrics analysts highlight that approximately 20% of BTC have remained inactive for more than 5 years, with an additional 9% of coins not in motion since they were initially mined.
Bitcoin age distribution. Source: CoinMetrics MENAFN19012024007158015398ID1107744140
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