A mind-boggling amount of bitcoin disappearing from exchanges, and it's not about to stop

A mind-boggling amount of bitcoin disappearing from exchanges, and it's not about to stop

By NassiroV | CryptoPress360 | 22 Aug 2020


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The amount of bitcoins held by exchange platforms continues to decline. Since March, nearly 10% of BTC present on the wallets of exchanges have disappeared.

This Friday, August 21, 2020, the exchange platforms have 2,620,818 bitcoins . This represents 14% of the total amount of BTC in circulation. This quantity has only weakened, and the exchanges had not held so few bitcoins since November 2018 .

Quantity of bitcoin (BTC) held by foreign exchange platforms in 2020

But it's worth pointing out that if this amount drops, the dollar value of those bitcoins has only grown . Since its all-time low this year (March 12), the price of bitcoin has increased by 240% .

The volumes of trading also significantly decreased . During the March crash , 60 billion BTC were traded daily. Today, the daily volume represents 22 billion dollars .

Bitcoin in - out of the money
Bitcoin: weekly trading volumes since February 2020 - data.bitcoinity.org

Are the big whales patiently waiting for the arrival of fresh capital to propel Bitcoin into a bullrun of madness? Anyway, most of the holders made a profit!

Bitcoin in - out of the money
Average bitcoin price for all addresses with a positive balance - IntoTheBlock

According to IntoTheBlock, 89% of BTC holders received their bitcoins at an average value lower than the current price. I hope you are one of them!


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NassiroV
NassiroV

Hi, and welcome to my blogs :)! ​I’m Nassir, a thirty-something guy who loves to travel and write, especially about Crypto and Blockchain. I have been blogging and trading cryptocurrencies for a while. I hope that you find my articles beneficial to you.


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