A report from the Glassnode platform says that the number of bitcoins on cryptocurrency exchanges dropped to a new low earlier this week.
At the moment 2.61 million BTC are stored on the trading markets – this is the lowest volume since November 24, 2018.
Researchers remind that at the beginning of March until the so-called “Black Thursday”, on the contrary, the influx of coins to exchanges increased. Before Bitcoin collapsed to an annual low on March 12, about 3 million BTC accumulated on the platforms.
After the March drop, the value of the largest cryptocurrency surged to a 13-month high, reaching $ 12,400 on Monday, August 17th. Bitcoin is trading just above $ 12,000.
The exchange balance of BTC over the past week has decreased by almost 1.5%. Over the month, the number of bitcoins on trading markets has decreased by 3%, and since mid-March it has decreased by more than 11%.
EToro analyst Simon Peters believes that the increase in bitcoin outflow from exchanges is a positive signal for the cryptosphere. This tactic reflects the desire of investors to keep coins for as long as possible and not sell them even during a period of falling BTC prices.
The dominance of the trend for long-term storage of cryptocurrency creates conditions for further strengthening of the bitcoin rate. At the end of July, analyst Lewis Harland presented data from which it follows that in the second quarter of 2020 alone, the outflow of BTC from trading platforms increased by more than 200%.