OnChain Reaction

How bitcoin exchange balances are clearly increasing with Chainalysis



Philip Gradwell, chief economist at Chainalysis, analyzed the onchain data for the week.

  • (31:47) Trend of low inflows to exchanges continued until Tuesday, June 2, when they doubled as price jumped. An extra 65,000 BTC went into exchanges.
  • (32:40) Bitcoin exchange balances are now clearly increasing. While more bitcoin is being added to exchanges, it is being traded less frequently.
  • (33:17) “Tether has also seen an increase in balances on exchanges.”
  • (33:49) Flows between exchanges are down, although derivative exchanges received a net inflow of $58 million.
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