The number of BTC on the major crypto exchanges continues to decline rapidly. According to Glassnode, which provides data on cryptocurrencies, the amount of Bitcoin in exchanges dropped to its lowest level last year.
The company emphasizes that the BTCs held on the stock exchanges have been steadily decreasing since Black Thursday, when Bitcoin fell 50 percent in March. Since then, the amount has decreased by 320 thousand BTC.
Glassnode said, “A common narrative is that this output depends on long-term optimistic feelings, which leads investors to withdraw their money in anticipation of a bull run in the future. This is supported by the increasing number of BTC whales and the amount of accumulation seen in the past 2 months, but it does not tell the whole story. ” says.
Glassnode states that some exchanges lost more BTC than others, and unlike some exchanges, the amount of BTC increased. The biggest BTC sales points were seen on the following exchanges:
- Bitfinex (133 thousand BTC) - 66.6%
- BitMEX (105 thousand BTC) - 35.6%
- Huobi (97 thousand BTC) - 24.6%
On the other hand, BTCs continue to be held on Coinbase. The amount of BTC in the stock market has decreased by only 0.2 percent since Black Thursday and is currently at the level of 968 thousand BTC. Other exchanges such as Binance and Bitstamp also saw a slight increase in BTC.
According to Glassnode, the reasons behind this drop could be investors leaving the stock market in anticipation of rising, lack of confidence and continuing trends against certain exchanges. The company emphasized that BTCs in Huobi's accounts began to drop before Black Thursday. It is stated that the same may be valid for Bitfinex.
In the end, Glassnode concludes:
“In general, the reasons for the decrease in BTC balances in exchanges are many and varied. It causes users to keep their BTC away from Bitfinex, BitMEX and Huobi, while keeping them in others. ”
