In the past 24 hours, Bitcoin’s exchange balance witnessed a notable increase of 10,000 BTC. This sudden shift raised eyebrows among market enthusiasts, leading to speculations about possible heightened price volatility.

Prominent blockchain analytics company, Glassnode, validated this development. Consequently, noting that on July 28, BTC’s exchange netflow reached a three-month peak of $9.4 million.

Could Bitcoin Price Volatility Be Imminent?

The unexpected surge in Bitcoin’s on-exchange reserves has alarmed investors. Indeed, the primary concern is the potential for a drop in Bitcoin’s price, especially considering its recent dip to $29,000.

An increase in supply on exchanges often hints at an increased inclination among holders to sell BTC, which could, in turn, affect its market valuation.

Ali Martinez, BeInCrypto’s Global Head of News, citing data from Santiment, cautioned investors to brace for possible Bitcoin price volatility spikes.

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Author: Oluwapelumi Adejumo

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