$3.23 Billion in Bitcoin Deposited to Exchanges In The Past Week

Over $3 billion worth of Bitcoin (BTC) has been deposited to exchanges in the past week, according to data from on-chain analytics firm Glassnode. This represents 33,000 BTC, with an approximate value of $3.23 billion at current prices. The surge in exchange deposits has sparked speculation that investors may be preparing to sell theirBTC holdings, leading to a potential sell-off in the market. However, it is important to note that on-chain data alone does not provide a complete picture of market sentiment and that other factors, such as macroeconomic conditions and regulatory developments, can also influence Bitcoin's price. Despite the recent increase in exchange deposits, BTC remains range-bound between $22,500 and $24,00, within a narrow trading band. Whether the price of BTC will break out of this range and in which direction remains to be seen.