Bitrabo Editorial
New data from Glassnode suggests that exchanges are not losing Bitcoin as much as previously believed.
Minimal Decrease in Bitcoin Exchange Reserve
The exchange balance, which represents the total amount of Bitcoin held in centralized exchange wallets, has been a topic of interest in the on-chain analysis community.
Many see the exchange balance as an indicator of the available supply of Bitcoin for trading purposes. Over the years, there has been a steady decline in this supply on exchanges, leading to speculation about a potential supply shock.
However, a recent update by Glassnode regarding Coinbase balances has revealed a different story. The inclusion of new entities in the Coinbase balance has led to a notable increase in the total balance, shifting the trend from a downward trajectory to a more stable level.
An on-chain analyst also highlighted the complexity of monitoring exchange balances and noted that the overall exchange balance chart has remained relatively flat in recent years.
Bitcoin Price
As of the latest data, Bitcoin is currently trading at around $62,700, showing a more than 2% increase over the past week.