The amount of bitcoins ( BTC ) in Binance wallets increased dramatically in the last four weeks. This reverses the outflow following the collapse of FTX crypto exchange in November.

Glassnode, a blockchain analytics company, has tracked data that shows Binance’s wallet balance increased by over 52,000 BTC ($1.5billion) in just four weeks. The total now stands at 692,880 BTC. The total (coins on all centralized platforms) has increased more than 27,000 BTC.

Binance’s increased balance could be a sign of renewed investor trust in centralized exchanges to protect their funds.

After the crash of FTX in late 2018, investor confidence suffered. Binance was also under pressure when FTX collapsed, leading investors to take direct custody their coins. Binance’s bitcoin holdings dropped by almost 88,000 bitcoins in the three weeks leading up to Dec. 19.

According to Markus Thielen of Matrixport’s head of research and strategic services, the sharp increase in bitcoin held by Binance could be bad for the market.

Thielen, a CoinDesk reporter, said that “large amounts of bitcoin moving onto exchanges usually means they are ready to sell.”

We have seen old wallets, which haven’t been used in 10 years, suddenly awaken to transfer bitcoin. Thielen said that this could be an indication that long-term holders are thinking the price cap will be around $30,000.

CoinDesk data shows that Bitcoin was trading at $29 315 as of press time. This is down 0.5% over the last 24 hours. The top cryptocurrency has risen 77% in the past year, and recently reached highs of over $31,000.

Tom Dunleavy, a macro analyst, suggested that the increase in the balance of exchange is due to the demand for dollar-alternatives.

Dunleavy, in a tweet chat, said: “To me that’s more renewed interest for BTC as we continue to witness signs of struggle with banks in the U.S.

Bitcoin surged in March as multiple banks failed in the U.S. This strengthened its appeal to traditional finance, which is a hedge. Early this week, the cryptocurrency saw bids after news that First Republic Bank was on the verge of collapse hit the wires.

Parikshit Miishra is the editor.