Bitcoin reserves on exchanges reach a 6-year low
Key Takeaways
- Bitcoin reserves on exchanges have dropped to 2.3 million, the lowest level since November 2018.
- Data from CoinGlass shows $2.7B in weekly outflows and $7.58B in monthly outflows as confidence in Bitcoin grows with ETFs now holding 1 million BTC.
Bitcoin reserves on exchanges have fallen to their lowest level since November 2018, according to a CryptoQuant-verified analyst.
Bitcoin Exchange Reserve Chart (Source: CryptoQuant)Data from CoinGlass shows exchanges experienced outflows of roughly 30,000 Bitcoin, valued at $2.7 billion, in the past week.
Over the last 30 days, outflows reached 85,000 Bitcoin, worth $7.6 billion.
Exchange-held Bitcoin has declined steadily since January, dropping from 2.72 million to 2.3 million Bitcoin, as investors move their holdings to private wallets for long-term storage.
The trend coincides with the growth of Bitcoin ETFs, which now collectively hold 1 million Bitcoin.
BlackRock has emerged as the largest institutional Bitcoin holder, with more than 470,000 Bitcoin valued at $41 billion under management.
With a reduced supply on exchanges and a growing dominance of long-term holders and ETFs, the Bitcoin market could become more resilient, setting the stage for potential new price peaks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Who will Trump appoint as SEC chairman? What pro-cryptocurrency policies will he adopt?
Under Trump's leadership, the heads of the SEC and other agencies will have the authority to decide whether cryptocurrencies will become a larger and more formal part of the financial system. This choice has significant implications for the global economy, and the risks are high, as evidenced by the collapse of crypto giant FTX in 2022 and the resulting catastrophic contagion risks.
Is It Too Late To Buy MOODENG? Moo Deng Price Surges 30% And This Might Be The Next Crypto To Explode
Senator Lummis files 'Bitcoin Act of 2024' bill proposing a US strategic BTC reserve