Bitcoin Exchange Balances Decline To Three-Year Low Amid Rising Prices
Bitcoin exchange balances have been on the decline since the bull rally began. The volumes were expected to go up once the digital asset had hit a new all-time high in October. However, this was not the case. Previous trends have often pointed to exchange balances seeing an increase in bull markets when investors moved their holdings to exchanges in order to take profits. This bull market has defied all expectations for it and continues to do so. Outflows from exchanges outpace inflows as investors withdraw BTC from exchanges en masse. Exchange balance volumes relative to the circulating....
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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....
Ethereum balances have continued their decline that began earlier this year. The decline of coins being kept on centralized exchanges has pointed to bullish sentiment among the large holder base of the digital asset. Despite the increase in the price of the asset in the past weeks and hitting new all-time highs since then, ETH […]
Investors piled into stablecoins following FTX’s collapse, and an uptick in DEX activity suggests a rising interest in self-custody options. On-chain data from Glassnode show Bitcoin’s (BTC) movements hit a new record for the largest net decline in aggregate BTC balances on exchanges, reducing by 72,900 BTC in one week. A similar movement occurred in April 2020, November 2020 and June 2022, with the current outflow leaving around 2.25 million BTC on exchanges. Bitcoin exchange balances with net position change line. Source: GlassnodeExchange exodus for Ether, but not stablecoinsWhile Ether....
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 prices have regained momentum during the last two days as the price per coin touched a March 2021 high at $54,822 on Tuesday morning (ET). Back in December 2020, it was noted that bitcoin on exchanges dropped to a three-year low and this year bitcoin exchange balances continue to plummet. A whopping 189,000 bitcoin was withdrawn from the top five leading cryptocurrency exchanges since October 2020. Bitcoin Exchange Balances Plunge on a Myriad of Popular Crypto Trading Platforms The price of bitcoin (BTC) is doing well this week and at the time of writing, the leading crypto asset....