Immediately after the crash, BitMEX experienced a much more rapid decrease in BTC balance than any other exchange. Compared with other altcoins, BNB’s performance is still poor. Part of this can be attributed to Bitcoin’s growing popularity during the wake of the COVID … According to a report by Glassnode, bitcoin’s declining stablecoin supply ratio (SSR) indicates an increased supply of newly minted coins on exchanges. BTC exchange net flow has decreased since the recent price crash ( Glassnode Studio) While this has started to recover since the price has stabilized, net flow of BTC to exchanges is still extremely low compared to historical levels. Since the beginning of 2020, the number of BTC on exchanges has almost continued to decline, with a decline of nearly 20% throughout the year. An active contributor in technology. According to Arcane Research, the amount of bitcoin held on exchanges is down 21% since February. As we have reported over the past two months, the number of BTC held on exchanges has been consistently declining since Black Thursday in March, during which the price of BTC dropped by over 50%. The number of BTC held on exchanges has been in constant decline since March ( Glassnode Studio) One widespread narrative is that this exodus is due optimistic long-term sentiment, leading investors to withdraw their funds for hodling in anticipation of a bull run in the future. When other currencies in the market are thriving, BNB’s market value has fallen to the tenth place. In particular, Bitfinex has seen the steepest decline, losing 66.6% of its total BTC balance since Black Thursday. XRP saw the biggest increase, with an increase of nearly 50%, second only to Bitcoin. On-chain data analytics platforms - CryptoQuant and Glassnode - have been tied up in a ferocious debate about the former’s data legitimacy, which may or may not have led to a drop in Bitcoin price. The Bitcoin market is presently flourishing as more and more people are joining the bandwagon. In dollar terms, all major altcoins have shown gains in the past week-even BNB, despite its losses relative to Bitcoin. Further Glassnode data revealed that the number of exchange deposits (7-day moving average) had reached a monthly low of less than 2.7 million. However, a deeper analysis of prominent exchanges reveals that this is not the whole story. BTC has another impressive performance this week, rising to above $18,000 for the first time since December 2017, and it is close to a historical high. Back in December 2020, it was noted that bitcoin on exchanges dropped to a three-year low and this year bitcoin exchange … The bitcoin price had surged over 3,5% at press time and now sits at almost $37,000. #Bitcoin on-chain indicators suggest conditions are similar to the second half or later stages of a bull … Liquid Supply Change / Source: Glassnode Futures reach an all-time high. Since the beginning of 2020, the number of BTC on exchanges has almost continued to decline, with a decline of nearly 20% throughout the year. Data provided by cryptocurrency analytics platform Glassnode indicates that the seven-day moving average of unique daily exchange bitcoin deposits dropped to a monthly low of 2,845.357 on April 2, 2021. After a crypto market crash in March, the number of wallets with at least 1 bitcoin (BTC) has kept rising, reaching new all-time highs. Bitcoin Net Transfers From/To Exchanges. At the same time, Glassnode’s CTO highlighted the correlation between BTC’s price and the growing number of addresses holding at least 1,000 bitcoins (also known as whales). While some market observers are touting this narrative, it doesn't explain why only a few exchanges are seeing this effect or why the movement began exactly on Black Friday. ... and locked away into long-term holding patterns is a direct response to the world's central bank response to 2020," Glassnode … Its solid position in the bull market system1 is supported by strong on-chain fundamentals, continued growth in adoption rates, and impressive price increases in the past few weeks. Furthermore, the last time such an influx of BTC to exchanges was witnessed, was during the peak of the 2017 bull market. Bitcoin balance on exchanges. Except for BNB, mainstream altcoins performed well against BTC throughout the 47th week. At the same time, the plummeting foreign exchange balances verified that investors intend to hoard BTC. We can see that this decrease in the balance of BTC on exchanges coincides with the increase in the number of bitcoin whales. Internet health increased by 11 points throughout the week, and the final score was 67 points. At the time of publication, Glassnode’s “ Exchange Balance vs. Bitcoin ” stats show that there’s 2.7 million BTC held on exchanges today. As the Bitcoin price rises, the value of futures contracts also increases drastically, reaching all-time high again. Image: Glassnode. Ethereum Ready To Explode! Weekly on-chain Bitcoin, Ether flows on crypto exchanges As Glassnode shared on Monday, about $15.4 billion worth of Bitcoin was transferred to crypto exchanges over the past weekend. Bitcoin addresses belonging to exchanges should also be differentiated from self-hosted addresses (private wallets). The onchain analysis aggregator Glassnode stats show that popular trading exchanges like Coinbase, Binance, Huobi, and many other platforms lost 20% of bitcoin balances during the last 12 months. This is completely different from the rapid rise in exchange balances during the 2017 bull market . Therefore, many people believe that this trend means that more investors are committed to long-term holdings, rather than cashing out as retail investors . All Rights Reserved. Bitcoin Balances on Exchanges Are Draining, Leading Platforms See $10 Billion in BTC Withdrawn in 4 Months – Exchanges Bitcoin News. Bitcoin miners are having a good run at present as data from Glassnode shows the hash rate on the network is swinging around a new all-time high. It also assumes that bullish investors will remove their BTC from exchanges rather than simply leaving them there; while this is known to occur in general, an effect this large would require a significant number of investors to behave like this. Prior to Black Thursday, Huobi's BTC balance had already started to decline, suggesting that part of its recent decrease may have been due to market forces at play before the crash.
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