Less than one day left for halving,
Glassnode This picture is really interesting. Can you see the clues?
Binance 🟨
Coinbase 🟦
All other exchanges 🟥
During the 2020-2021 bull run, Coinbase and other exchanges experienced a net buyer bias, while Binance saw sellers dominate.
All exchanges showed a net seller bias for most of 2023, which did not turn to net buyers until October.
One explanation is that a significant sell-side bias on the receiving side in 2023 is met by relatively large bids on the creating side.
Patient buyers throughout last year may have been one of the big reasons for the relatively mild pullback (maximum -20%) seen since FTX's lows (pay close attention to the chart shown later in this report).
