Crypto
BTC Exchange Reserves Soar, Threatening $62k Support
Bitcoin's price has been struggling to stay above $62k as exchange reserves have seen significant increases. According to CryptoQuant, Binance reserve rose from 662k to 671.6k BTC, a 1.45% increase in a week.
Kraken saw a 3.48% weekly increase in exchange reserves, to 154.5k BTC. Bitstamp reserves spiked by 41.67%, or 3.5k BTC, on Friday, the 14th of August, according to crypto analyst BorisD.
The rise in exchange reserves has led to increased selling potential and a weak recovery attempt would be smothered by this supply. This is compounded by the fact that Bitcoin whales are reducing their long exposure while retail remains long.