July 25, 2024
Bitcoin News

Over $1.5 Billion Worth of Bitcoin (BTC) Enters Binance Crypto Exchange in Merely 30 Days: Insights from On-Chain Analytics

During the past month, more than $1.5 billion worth of Bitcoin (BTC) was traded on the platform that is considered to be the largest cryptocurrency exchange platform in terms of volume.

At the time of writing, new on-chain data obtained from the market intelligence platform Coinglass reveals that the cryptocurrency exchange Binance currently possesses 588,129 Bitcoins, 51,386 of which were acquired just this month.

According to further findings by Coinglass, 22,590 of the BTC were received over the past week, while nearly 5,000 tokens were received over the course of the previous twenty-four hours.

Other prominent cryptocurrency exchange platforms that saw significant BTC movement during the previous month include Gemini, OKX, and Coinbase Pro. During that time period, Gemini, OKX, and Coinbase Pro each saw monthly outflows of 22,416, 3,520, and 1,207 Bitcoin, respectively.

Kraken and Gate are two examples of cryptocurrency exchanges that both saw increases in the total amount of Bitcoin (BTC) that they are able to store thanks to new deposits of 952 and 935 Bitcoin, respectively.

According to data provided by Coinglass, a total of 13,888 BTC was brought into cryptocurrency exchanges this month. The blockchain analytics company Glassnode echoes these sentiments, noting that the number of hashes needed to mine a single Bitcoin block has reached a new all-time high. As a result, mining Bitcoin blocks is becoming an increasingly challenging endeavor.

“After the most recent adjustment to the Bitcoin difficulty, it is estimated that the number of hashes needed to mine a block has reached an ATH (all-time high) of 209 zettahashes (1021). Therefore, the difficulty of mining a block is expected to continue rising as more hash power is added to the network.

At the time of this writing, the price of Bitcoin has increased slightly over the course of the previous twenty-four hours, reaching $29,216.