Share this article
Bitcoin Held in Exchange Wallets Rising at Pace of $1.16B a Month, Data Show
The inflow comes as bitcoin has gained 7% this month, extending October's 28% rally.
Updated Nov 20, 2023, 7:02 a.m. Published Nov 20, 2023, 7:02 a.m.
Bitcoin [BTC] stashed in wallets tied to centralized cryptocurrency exchanges is rising at the fastest pace since May, hinting at a potential bull pause in the market.
Blockchain analytics firm Glassnode's bitcoin exchange net position change metric, which measures the number of coins held by exchange wallets on a specific date compared to the same date four weeks ago, rose to 31,382.43 BTC ($1.16 billion) on Sunday, the highest since May 11, 2023. That has lifted the total balance held on exchanges to 2.35 million BTC.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
An inflow into exchange wallets is widely taken to represent investors' intention to liquidate their holdings, a potential selling pressure, or deploy coins as a margin in futures and options markets. Meanwhile, an outflow represents accumulation.
The BTC exchange net position change has been consistently positive since Nov. 1. Historically, such periods have coincided with bull market breathers or price pullbacks.
That said, the latest inflow could also signify renewed investor confidence in centralized exchanges.
The safety of coins held in exchange wallets came into question late last year after Sam Bankman Fried's FTX exchange collapsed, which, at the time, was the third largest. That saw investors move coins off exchanges and into their direct custody.
Bitcoin changed hands at $37,170 at press time, according to CoinDesk Indices data, having put in a high of $31,517 late Sunday, supposedly on the back of BTC-supportive Javier Milei's victory in Argentina's Presidential elections.
The leading cryptocurrency by market value has gained 7.5% this month, extending October's 28% rise, CoinDesk data show.
We may earn a commission from partner links. Commissions do not affect our journalists’ opinions or evaluations. For more, see our Ethics Policy.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Markets Today: Bitcoin Slips Back Toward Danger Zone Ahead of Fed Decision
Bitcoin surrendered gains from earlier in the week, fell back toward $90,000 as traders braced for Wednesday’s Federal Reserve rate decision.
What to know:
- A 25 basis-point interest-rate cut has been priced in for weeks, and risk assets could drop on the news if no fresh catalysts emerge.
- Tokens like HYPE, STRK, QNT and KAS fell 6%–9% in 24 hours
- CoinMarketCap’s altcoin-season index sits at a cycle low of 18/100.
- Bitcoin is down 20% over 90 days and more than half of the top-100 tokens have fallen at least 40%. FET and TIA are among the worst performers while ZEC, DASH, BNB and BCH stand out as rare stabilizers.
Top Stories
