Glassnode data: Bitcoin inventory on exchanges is drastically decreasing

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As the crypto winter deepened, many traders pulled out of the cryptocurrency market. The stock of Bitcoin exchanges has decreased drastically.

The data of the chain shows that the Bitcoin balance of the exchanges continues to fall. This amount has reached 2.4 million bitcoins, which is about 12.6% of the total circulating supply of this cryptocurrency.

November Teter

Reducing the stock of bitcoin exchanges

According to a Glassnod report, around 4.6% of the total circulating supply of BTC has left the exchanges since the Bitcoin inventory of digital currency exchanges reached an all-time high in March 2020.

Glassnode data: Bitcoin inventory on exchanges is drastically decreasing

The balance of exchanges has decreased significantly in the last few months. This is a sign of long-term bearish performance Bitcoin Are. BTC’s current levels confirm that the cryptocurrency may continue to fall. The trend started to change in April. As the crypto winter deepened, some investors emptied their wallets. Large investors are still present in the market, but do not participate in the exchanges. These investors store their assets offline in crypto wallets.

The crypto analytics company had previously announced:

Currently, we are witnessing the departure of tourists from the digital currency market. Only determined holders are left in the market.

Under what conditions will the trend of the cryptocurrency market be bullish?

With the reduction of Bitcoin stock in exchanges, many traders are looking to analyze the price of Bitcoin. Bitcoin has gained more than 15% in the past few days. At the time of writing, the market’s largest cryptocurrency is trading in the $23,600 range. Previous reports indicated that holders of digital gold were accumulating the cryptocurrency. The result of this activity was a short-term increase in the price of BTC.

We still don’t know if Bitcoin can sustain the current upward momentum. Craig Johnson, Chief Market Technician at Piper Sandler, recently reviewed the Bitcoin situation and stated that only a close above the $26,000 or $280,000 level can stop the cryptocurrency market from going down.

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What do you think about the reduction of bitcoin stock in exchanges? Please leave your comments in the comments section duplicate share it.

Source: cryptopotato

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