Recently, Bitcoin prices have experienced a notably eye-catching rise, climbing from $108,000 on July 9 to $123,000 on July 14. During this process, the sentiment in the crypto market has also undergone subtle changes, and the variations in Bitcoin balances across platforms reflect the shifting mindset of market participants like a mirror.

First, looking at the BN platform, from July 9 to July 14, its Bitcoin balance showed an upward trend, increasing by 11,622 Bitcoins. Coincidentally, the Bitcoin balance on the OK platform also saw a slight rise, increasing by 1,535 Bitcoins.

(Figure 1)

It is worth mentioning that OK recently launched a coin-based 'principal protection' interest project called 'BTC Hoarding Treasure', which is quite attractive to players. Some players planning to hold Bitcoin for the long term may transfer their assets to the platform due to this, which has somewhat contributed to the growth of balances.

(Figure 2)

Additionally, since early April, the Bitcoin balances of BN and OK have been on a continuous decline. The recent increase in balances means that some players have taken the opportunity of the rapid rise in Bitcoin prices to transfer their holdings to the platform, either selling directly or waiting for a more suitable time to sell. This has added some selling pressure to the market. However, overall, this selling pressure has not yet caused a serious impact on the market, and the current balance level is still significantly lower compared to the peak in early April.

In stark contrast to the operations of some players on BN and OK, are the American players. The changes in Bitcoin balances on the Coinbase platform illustrate this more intuitively. From July 8 to July 10, Coinbase's Bitcoin balance slightly increased, but then it fell again. As of July 14, its Bitcoin balance was 918,000 coins, nearly unchanged from July 9.

(Figure 3)

From April to July this year, American players have withdrawn 74,000 BTC from Coinbase, which exceeds the total amount of Bitcoins withdrawn from both BN and OK platforms. This indicates that even when Bitcoin prices are rising, American players still prefer to buy Bitcoin and withdraw it from the platform, rather than cashing out. This unique market behavior may be a key factor in the continuous accumulation zone and strong performance of Bitcoin in URPD data during this cycle. #比特币走势分析