Bitcoin is rocking the market by losing the $ 50,000 and $ 45,000 milestones in a matter of minutes. Although it has since bounced back to the $ 47,000 region, an interesting development in the chain suggests an even worse situation.
https://files.ambcrypto.com/wp-content/uploads/2021/12/03135344/WjeyDPpGU_6080416c70791cf8085146fb6245486a4d836fc29d4db4cd0e257caf9f55f78e.webp
Source: CryptoQuant
A fundamental upward indicator since the bull run began last year is the declining supply of Bitcoin on the stock exchanges. A trend has emerged since March 2020 as investors can withdraw BTC from exchanges and store it in personal wallets.
Less BTC on the exchanges means less selling pressure as the illiquid supply of Bitcoin increases. It was a strong bullish story during the rally but now there has been a significant shift.
According to CryptoQuant, the amount of Bitcoin on the exchange hit 39,000 BTC, valued at nearly $ 2.2 billion, in the past 24 hours. That’s a huge amount of capital going into the exchanges, and that’s the first time since September 2020.
At first glance, this could be seen as a strong bearish sign. Such a large inflow of money into the exchanges means that a collective of individuals may be trying to sell their BTC at a time when the price is 15% below ATH.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
Grand Cayman, Cayman Islands, May 3rd, 2024, ChainwireProtocol launches, growth trajectory, and industry-leading technology point…
Bitcoin and Ethereum options contracts worth $2.4bn expire on May 3, potentially causing market volatility.…
The integration helps users with a $10 USDC reward for purchasing at least $10 of…
11 people lost property worth NT$4.34m in a Singapore crypto poker robbery, including $3.58m SGD…
Hong Kong asset managers invested $112M in US-based spot Bitcoin ETFs. Yong Rong Asset Management…
Arthur Hayes offers insights into Bitcoin's recent performance, along with predictions for its future trajectory,…
This website uses cookies.