Glassnode stated massive exchange volume increases may indicate institutional demand before ETF approval


According to market intelligence business Glassnode, there has been a significant increase in crypto exchange flows, which may indicate that institutions are getting ready for the possibility of spot market Bitcoin (BTC) exchange-traded funds (ETFs) being approved.

According to a recent study by Glassnode, the 30-day simple moving average (SMA) of Bitcoin flows into and out of exchanges increased from $930 million at the beginning of the year to more than $3 billion as of writing, a 220% rise.

The year-to-date (YTD) flows into and out of exchanges have increased significantly, going from $930 million to over $3 billion (+220%), when seen via the on-chain volume domain.

This highlights investors’ growing interest in trading, accumulation, speculation, and other uses of exchanges for their services.

The analytics company also found that Bitcoin exchange deposits have risen in average size this year. Analyzing the average amount of deposits to exchanges reveals an intriguing finding in light of the significant increase in exchange volumes. With a gain of less than one percent, this indicator is now within striking distance of its all-time high of thirty thousand dollars per deposit.

Investors are presently shifting progressively huge quantities of money, according to this, which looks to dominate exchange deposits. As important ETF decision dates near in January 2024, this might be an indication of increasing institutional interest.

An expert in exchange-traded funds (ETFs) at Bloomberg, James Seyffart, recently made the wild assumption that the SEC would be getting ready to accept several proposals for a spot BTC ETF in early January. As of this writing, one bitcoin is worth $43,974, a 16% increase over the previous seven days.

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