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1 Month Of Binance = $1.5 Billion in Bitcoin (On-Chain Data)
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In just 30 days, Binance, the world’s largest cryptocurrency exchange by trading volume, has seen an influx of over $1.5 billion worth of Bitcoin (BTC).
According to on-chain data from market intelligence platform Coinglass, Binance currently holds 588,129 Bitcoin, with 51,386 of them entering the platform this month. The data also reveals that 22,590 BTC were deposited in the past week, and almost 5,000 tokens arrived in the last 24 hours.
Gemini, OKX, and Coinbase Pro are among other notable crypto exchanges that experienced significant Bitcoin movement over the past month. They witnessed monthly outflows of 22,416, 3,520, and 1,207 BTC, respectively.
Crypto exchanges that observed an increase in their BTC holdings include Kraken and Gate, with both platforms receiving 952 and 935 BTC, respectively. Coinglass reports that a total of 13,888 BTC flowed into cryptocurrency exchanges in the month of April 2023.
Additionally, crypto analytics firm Glassnode highlights the growing difficulty of mining Bitcoin blocks. The number of hashes needed to mine a single block has reached a new all-time high, indicating that the mining process is becoming more challenging as more computational power is dedicated to the network.
“Following the latest Bitcoin difficulty adjustment, the estimated number of hashes required to mine a block has reached an ATH (all-time high) of 209 zettahashes (10^21). Consequently, the difficulty in mining a block continues to rise as more hash power is deployed to the network.”
In a span of just 30 days, Binance has seen a substantial inflow of over $1.5 billion in Bitcoin, emphasizing its leading position in the cryptocurrency market. As other exchanges also experience notable BTC movements, the increasing mining difficulty signifies the continuous growth and adoption of digital currencies worldwide.
