The Bitcoin trading net position change indicator, which measures the number of coins held by trading wallets on a specific day compared to the same date four weeks ago, rose to 31,382.43 BTC ($1.16 billion) on Sunday, according to blockchain analytics firm Glassnode. The highest level since May 11.
This brings the total balance held by the exchange to 2.35 million BTC. Inflows into exchange wallets are widely believed to represent investors intending to liquidate their holdings, potential selling pressure, or deploy tokens as margin in futures and options markets.
Data shows that BTC by market capitalization is up 7.5% this month, continuing October’s 28% gain.