'Net neutral' — Rising Bitcoin exchange balances could be due to Huobi Chinese user block
Bitcoin (BTC) balances rising on exchanges may not be a sign of investors preparing to sell, new research argues.
Unveiling the latest data from across exchanges on Dec. 28, Glassnode on-chain analyst TXMC pointed the finger at fresh changes in China for rising balances elsewhere.
The end of December is seeing nerves fray as a rangebound BTC price combines with increased inflows to exchanges.
A classic indicator that traders are at least arming themselves to de-risk in the event of further price weakness, Binance has been particularly closely eyed as its BTC stocks rise.
At the same time, however, Chinese investors are being frozen out of international spot trading venues in the aftermath of China’s ongoing crackdown on cryptocurrency trading.
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