Bitcoin exchange balances trend back to historic lows as BTC withdrawals resu...
BTC is coming off trading platforms again as prices dip into Q1 2022. Bitcoin (BTC) exchange reserves are back near record lows as 2022 sparks renewed appetite among buyers.Data from on-chain analytics firm CryptoQuant shows reserves across 21 exchanges at 2.308 million BTC as of Jan. 4.Exchanges return to overall BTC balance downtrendLate December saw a macro low of 2.303 million BTC left on exchanges’ books, CryptoQuant recorded, before a brief uptick to 2.334 million.Bitcoin exchange reserves chart. Source: CryptoQuantAs institutional entities return to the market after the holiday....
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With the bitcoin price falling below $60,000, let's revisit the current state of exchange balances.
Ethereum had seen its balances on exchanges decline through 2021. This happened despite continuous market rallies that sent the digital asset towards all-time highs. Investors had accumulated all through bull rallies instead of trying to dump their coins, leading to reduced supply on centralized exchanges. This was also propelled forward by the growing popularity of DeFi. However, this trend is starting to reverse as exchange balances are now on the rise. Ethereum Exchange Balances Touch 3-Month High New on-chain reports have shown that Ethereum exchange balances are on the rise once more.....
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....
Bitcoin exchange Kraken put a brief halt on US dollar withdrawals and suspended USD deposits today, offering customers a 2% bonus to convert their balances to euros (EUR). "Many USD withdrawals have been delayed beyond a limit we can accept, and it reflects poorly on our service," a customer support representative said. "All pending USD withdrawals not already in transit are being cancelled and the funds will be automatically credited back to your account." Customers can now select the 'Convert USD to EUR' option on its support page, either for one withdrawal or the entire account.....
Beijing-based virtual currency exchange Vircurex has frozen most of its digital currency withdrawals effective immediately, claiming it no longer has the reserves to cover customer requests. The freeze will affect all bitcoin, litecoin, feathercoin and terracoin withdrawals. A message on Vircurex's site says it will create a new balance type called 'Frozen Funds' covering all balances in the aforementioned currencies. The company maintains it won't be shutting down, saying it intends to "gradually pay back the losses". That Vircurex had a reserve shortfall had been known for some time,....