What Sell Pressure? Bitcoin Exchange Reserves Hit 4-Year Low
Bitcoin has started a recent downtrend that is threatening its position above the coveted $40,000 level. This is presumed to be caused by major sell-offs in the market. However, exchange metrics continue to show that this is not entirely the case. Exchange balances have been plummeting for the past year pointing towards massive accumulation trends and this has come to a head after bitcoin exchange balances have touched a new 4-year low. Exchange Balances Plummet It is no secret that the bitcoin being left on centralized exchanges has been declining. However, the margin by which this has....
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Bitcoin exchange reserves dropped by $5 billion in the past year, showing signs of accumulation. The Bitcoin (BTC) reserves of exchanges are continuing to drop, which suggests retail investors and whales might be accumulating.According to data from CryptoQuant, all exchanges’ reserves dropped to 2.4 million BTC, which is equivalent to $25 billion. In contrast, in October 2019, exchanges had around 2.8 million BTC, currently worth $30 billion.Bitcoin reserves on all exchanges throughout the past year. Source: CryptoQuantThere is a clear decrease in selling pressure from whales and retail....
On-chain analysis shows Bitcoin miner reserves seem to be closing in on the ATH seen in May, as the BTC bull rally continues. Bitcoin Miner Reserves Reach Close To May ATH Levels As pointed out by a CryptoQuant post, the BTC miner reserves seem to be on the rise, and look to be close to the levels seen during the 9 May all-time-high (ATH). The BTC miner reserves is an indicator that shows how many coins miners are holding in their wallets. More the value of this metric, less the selling pressure for miners in the market. Related Reading | S2F Creator Beckons Beginning Of Second Leg Of....
Bitcoin exchange reserves are continuously plummeting as analysts pinpoint the trend to a potential shortage of sellers. Bitcoin (BTC) exchange reserves are continuously plummeting as analysts pinpoint the trend to a shortage of sellers. Since the March crash, the reserves on exchanges rapidly fell from 2,950,000 BTC to 2,700,000 BTC.Within merely seven months, a 250,000 BTC fall in exchange reserves signifies a $2.85 billion decline. Behind the steep trend could be two major factors: a decline in sellers and lower trust toward exchanges.Bitcoin reserves on exchanges. Source: GlassnodeIs....
Ethereum exchange reserves have now hit a new low for the first time in over two years. According to CryptoQuant, this number has plummeted from 26 million from June last year to less than 21 million by July 2021. This seems to be in tandem with the increase in the price of Ethereum. Over the […]
Bitcoin exchange inventory level is a good way to gauge market sentiment towards the cryptocurrency. Inflows to exchanges in the past have usually indicated strong sell sentiment. Stemming from investors wanting to cash out the profits that they have made. This is usually the case during bull markets when prices go up. But for the first time, bitcoin exchange inventory levels are declining even though the price of the digital asset is on the rise. Related Reading | Hot Bitcoin Summer. But Why Altcoins Are On The Rebound Numbers show that bitcoin exchange levels are not rising....