Exchanges See Billions In Bitcoin leave As BTC Maintains Above $40,000
Bitcoin’s stint above $40,000 continues as the market ushers in another week of trading. The weekend had been a rollercoaster for investors but prices have since started to level out. With the break above $40,000 last week, faith has gradually returned to the market, causing more people to invest in the digital asset. Amid this has emerged an accumulation pattern that suggests a bullish outlook for the long-term. Exchange Outflows Rise Over the past week, bitcoin exchange outflows have been on the rise. This is marked by the recovery of the digital asset’s value above the $40,000 level.....
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Cryptocurrency reserves held on digital asset exchanges have been dropping to new lows, as some of the top exchanges have seen significant bitcoin reserve balance drops. A few months ago trading platforms had a lot more bitcoin reserves on hand and onchain data shows a few exchanges have seen customers steadily drain 187,000 bitcoins ($2.1B) from exchange-owned cold wallets. In February, Coinbase had 1 million bitcoin under management and today reserves are down over 9% as 92,000 bitcoin ($1B) has left the exchange. Today, according to Bituniverse’s online exchange balance rank....
Despite the bitcoin price high, there continues to be a massive exodus of bitcoin leaving exchanges. Onchain data shows exchanges are being drained like a sieve and during the last 30 days, 87,954 bitcoin was withdrawn from the top crypto trading platforms. Back in December 2019, it was reported that the San Francisco-based exchange Coinbase held close to 1 million BTC for its users. In fact, in January 2020, Coinbase had around 969,000 BTC and the next month, it was up to its highest point of 973,000 BTC on February 10, 2020. But all year long, not only from Coinbase, but also a slew of....
Ethereum has been popular for its performance over the course of its lifetime. But even more impressive has been the way that the cryptocurrency has been performing against top rival Bitcoin. The latter which is the pioneer cryptocurrency has itself given investors massive returns. So the fact that Ethereum has outperformed it at every turn now gives the digital asset even more credibility. Ethereum does not seem to be stopping its trend of outperformance when it comes to bitcoin though. Throughout 2021, ETH had been the top performer of the two and this has carried on into the new year as....
On-chain data shows Bitcoin has continued to leave the exchanges’ wallets recently, a sign that the asset’s price could be bullish. Bitcoin Exchange Reserve Has Registered A Significant Decline Recently As explained by analyst Ali Martinez in a new post on X, exchanges have seen a massive amount of Bitcoin leave over the last few […]
While the second-largest crypto asset by market cap has gained more than 15% in value against the U.S. dollar during the last week, the number of ethereum stored on exchanges has dropped significantly during the last few weeks. In less than two years, more than 29% of the ether held on exchanges has left centralized trading platforms and since December 2021, roughly 5.89% or 1.51 million ether has left exchanges. Number of Ethereum on Exchanges Continues to Drop Seven days ago, Bitcoin.com News reported on the number of bitcoin (BTC) held on exchanges and how the metric dropped to the....