The Amount of Bitcoin in Exchanges Increased in the Last Week: What is the Reason Behind?

Drawing attention to the increase in the amount of Bitcoin (BTC) in the exchanges, CryptoQuant talked about the reason behind it.

According to data provided by on-chain analysis platform CryptoQuant, Bitcoin exchange reserves increased last week. The fact that this increase came to a similar date with the transfer to Germany and Mt.Gox raised questions.

The data revealed that Bitcoin exchange reserves were 2,767,490 last Saturday, but have since increased by 0.5% to 2,779,197.

Short-term investors dominate

Analysts stated that the increase in Bitcoin in the stock exchanges did not have much to do with the transfers of the German government and emphasized that short-term investor transactions were dominant.

This signal revealed the transfers made by small investors who panicked during declines in order to sell or buy a new transaction.

CryptoQuant Research Head Julio Moreno stated that the increase in total Bitcoin reserves in exchanges is mostly clustered in central cryptocurrency exchanges such as Binance, OKX and Bitfinex.

According to CoinGecko data, Bitcoin, which has decreased by 1.7% in the last 24 hours, is traded at $ 57,180 at the time of writing.

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