Bitcoin Deposits to Binance and OKX Hit Highest Level Since the 2023 Bear Market: CryptoQuant

CryptoQuant analyst Darkfost said more than 220,000 BTC and 330,000 BTC were sent to deposit addresses associated with Binance and OKX, respectively, as Bitcoin revisited the $60,000 level. The transfers represent the largest volume of exchange-bound deposits seen since the 2023 crypto market downturn.

Although large on-chain movements to cryptocurrency exchanges can signal potential selling pressure, they are not definitive evidence that the assets have been sold.

At the time of writing, Bitcoin was trading at $59,308, reflecting an 8.2% decline over the past week.

Source: Darkfost