Bitcoin Demand Booms as Buyers Pile On Major Exchanges

Recent data from cryptocurrency analysis firm Glassnode reveals a surge in demand for Bitcoin, particularly on Coinbase and Binance. The firm observed significant accumulation of Bitcoin by investors on these two major exchanges, contributing to an increase in buying pressure on the market’s spot market. Glassnode analysts further note that off-chain transactions show strong buy signals at Coinbase, while Binance experiences reduced selling pressure. These trends suggest a strategic ‘buy the dip’ strategy from investors.