Bitcoin Balance on Trading Platforms Reaches New Low…Details Here
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Answer Bitcoin Balance on Trading Platforms Reaches New Low…Details Here
The accelerating outflows of bitcoin from trading platforms have been a recurring topic in recent market analysis.
We, in turn, repeat it here in the Arab Bitcoin for its importance and to draw the attention of investors and speculators on the largest cryptocurrency in the world.
According to Glassnode, this week Bitcoin continued to exit cryptocurrency exchanges.
Bitcoin balance on trading platforms hits new low:
Data analytics platform Glassnode highlighted that the balance of Bitcoin exchanges has reached the levels it last reached in 2020 in its latest weekly report.
Currently only about 2.5 million bitcoins are held across the major trading platforms.
The last week saw the emergence of Coinbase as the largest source of bitcoin outflows.Read:The founder of Litecoin: These are the main currencies in the cryptocurrency world
US-based cryptocurrency exchange Coinbase saw net outflows totaling 31,130 Bitcoin (worth $1.18 billion) during the week.
As the week ends, Coinbase’s bitcoin holdings are now around 649.5 thousand bitcoins.
This represents a drop of 375.5 thousand bitcoins or 36.6% of the platform’s holdings since April 2020.
Coinbase’s current balance was at the level it was last seen during the 2017 bull market, according to Glassnode.
According to the same analysis platform, all this supports a very bullish trend for Bitcoin.
Bitcoin exits trading platforms:
Glassnode’s latest findings support its previous observation that bitcoin trading platform balances have dwindled over the years.
She also told Analytics that cryptocurrency exchanges such as Binance and FTX have seen an outflow of bitcoin.
Bitcoin appears to be gaining some traction after months of choppy trading, as the past few days have seen Bitcoin surpass $42,000 with a 0.57% gain.Read:WisdomTree Submits Application to Launch Bitcoin ETF
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