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Sunday, July 21, 2024

Following Bitcoin’s Surge Above $30K: BTC on Exchanges Lowest Since December 2017

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Bitcoin started off the week on a solid note, above $30,000 after rapid gains. The market participants catalyzing this trend are taking their BTCs off centralized exchanges as investor confidence in this platform continued to diminish.

  • Bitcoin held on exchange addresses has been in a perpetual decline following the COVID-19 crisis. as per Glassnode’s latest analysis.
  • In fact, the figures have dwindled by 11.7% all the way to 2.27 million BTC, marking the lowest since December 21st, 2017.
  • Such a trend is typically perceived to be bullish for the underlying asset.
  • Further validating this trend is the declining “exchange whale ratio,” an indicator that measures the ratio between the sum of the top ten Bitcoin transactions to exchanges and the total exchange inflow.
  • CryptoQuant data suggest that the selling pressure in the market may be diminishing right now as low values of the “exchange whale ratio” indicator imply the whales are accumulating instead of selling significantly more than the rest of the market during such periods. It further stated that the current market condition resembles the upward cycle of 2019.
  • The recent surge in the Bitcoin price was induced by the world’s largest asset manager, BlackRock, filing an application to the SEC for a spot BTC exchange-traded fund (ETF).
  • The development soon encouraged two more US asset managers – WisdomTree and Invesco – to file fresh ETF applications last week, with Valkyrie following suit shortly after.

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