Data from blockchain analytics firm Glassnode show that bitcoin held on centralized exchanges is rising at a rate of $1.16 billion per month, the highest increase since early May. Investors typically interpret an inflow into exchange wallets as a potential indication of liquidation, margin trading, or market bearishness. However, it could also be indicative of renewed confidence in centralized exchanges, given the heightened security concerns resulting from the collapse of Sam Bankman Fried's FTX exchange late last year. Bitcoin is currently trading at around $37,170, having gained 7.5% this month, as investors become more confident in the performance and security of the cryptocurrency.



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