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Bitcoin balance on cryptocurrency exchanges drops sharply

Bitcoin balance on cryptocurrency exchanges drops sharply

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Answer Bitcoin balance on cryptocurrency exchanges drops sharply

According to the data, the balance of bitcoin in cryptocurrency exchanges continues to decline, as the balance reached 2.4 million bitcoins, which represents about 12.6% of the circulating supply.

according to glassBitcoin exchange balances saw significant outflows of more than 4.6% of circulating supply after hitting an all-time high in March 2020.

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The balance of Bitcoin on cryptocurrency exchanges has shrunk dramatically:

For those who ask, the shrinking Bitcoin balance on cryptocurrency exchanges is a healthy sign of Bitcoin’s long-term performance and confirms strong demand at lower price levels.

The reversal and decline in the balance of Bitcoin on the exchanges began for the first time in April 2022.

Read:The second layer of Ethereum continues to gain strength as the market value of Ethereum increases

As the crypto winter intensifies, some investors are emptying their wallets.

While at the macro level, investors and speculators still hold their digital tokens, but not in the trading platforms.

Instead, they store their cryptocurrency offline in cryptocurrency wallets.

According to a statement by the crypto-analytics firm Glassnode:

Bitcoin has seen an almost complete expulsion of tourists in the market.

Further decline comes on the heels of Bitcoin’s impressive performance, with Bitcoin up more than 15% over the past few days.

At the time of writing this article, the cryptocurrency is trading at around $23,800.

Previous reports indicated that holders of the world’s largest cryptocurrency were in an accumulation mode that subsequently led to a short-lived rally.

It will be interesting to see if Bitcoin is able to maintain the current momentum.

Craig Johnson, chief market technician at Piper Sandler, said:

Price action and a close above $26,000 or $28,000 could put an end to the downward slide that the cryptocurrency has been in since April.

Read:Has Bitcoin changed direction? Bitcoin finally ends the longest series of red weekly closes

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