Bitcoin Balances on Exchanges at 2-Year Low and That May Be a Bullish Sign

Bitcoin balances on exchanges hit 2-year low, seen as a bullish sign that traders are holding for the long term, or tokenizing for use in DeFi.

Buying in these stablecoins may foretell where the crypto market is going.

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 […]

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 A whopping 189,000 bitcoin was withdrawn from the top five leading cryptocurrency exchanges since October 2020.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....

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....