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06/29 18:11
Bitcoin Exchange Balances Drop to Six-Year Low
Bitcoin Exchange Balances Drop to Six-Year Low
Bitcoin holders moving their assets to self-custody reflect a shift in market dynamics that could affect Bitcoin's price and supply in the coming months.
With balances on exchanges now at a six-year low, fewer Bitcoins are available for immediate trading. Institutional investors, long-term holders, and miners play critical roles, opting for increased self-custody. This shift points to changing trust dynamics and evolving investor strategies.
The market is witnessing a significant reduction of Bitcoin on exchanges. CryptoQuant recorded under 11% of Bitcoin's circulating supply on exchanges, the lowest since early 2018. According to Ki Young Ju, CEO of CryptoQuant, "BTC on exchanges dropped below the 11% mark, a scenario last seen in March 2018."
The sharp decline in exchange balances presents a strategic opportunity driven by high institutional demand for Bitcoin ETFs. As investor strategies favor long-term holdings, it could potentially lead to price volatility if demand increases significantly.
Miners are another central component. They currently exhibit a propensity to hold, a trend notable from historical tendencies rather than selling at market highs. Without regulatory announcements affecting this, the market perceives stability yet potential future swings.
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