According to data from Coinglass, traders of Bitcoin (BTC) may be preparing for a sell-off as tens of thousands of coins have moved to exchanges. The monitoring resource found that Binance, the world’s largest trading volume leader, has seen its BTC balance rise by over 50,000 BTC ($1.5 billion) in the last 30 days alone. This increase is significant, especially when compared to March when BTC/USD briefly challenged $20,000 support. Despite actual selling pressure remaining muted so far, on-chain data suggests this could easily change. Binance’s BTC balance has increased by 51,000 BTC in the last week alone. Other major exchanges have seen insignificant balance increases or have lost BTC. The combined total holdings of the exchanges tracked by Coinglass is now at 1.919 million BTC. As investor habits increase pressure on bulls to flip $30,000 to support and continue rising, DecenTrader notes that $35,000 is a key zone for liquidating leveraged BTC short positions.
Bitcoin sell-off next? Binance BTC balance shoots up $1.5B in 1 month
