In keeping with knowledge from Glassnode, the exchanges it tracks at the moment maintain 2.6 million Bitcoin. That's the lowest this quantity has b
In keeping with knowledge from Glassnode, the exchanges it tracks at the moment maintain 2.6 million Bitcoin. That’s the lowest this quantity has been since November 2018.
Bitcoin balances on exchanges. Supply: Glassnode.
The pattern towards customers withdrawing their funds from the custodial exchanges first manifested itself proper after Black Thursday. Since that point, roughly 300,000 BTC has left exchanges in what seems to be a mass exodus. This can be thought of a bullish indicator, as it’d indicate that customers don’t intend to promote their property anytime quickly. The latest motion coincides with the latest bull run which noticed the worth of Bitcoin get better from beneath $5,000 to virtually $12,000.
Not all exchanges have suffered equally, nonetheless. Some have been hit so much tougher than others. As an example, Bitfinex held virtually 200,000 BTC in its vaults previous to Black Thursday — At present, solely about 60,000 BTC stay.