Bitcoin balance on exchanges drop to 2018 level amid massive BTC outflows

andre francois mckenzie JrjhtBJ pGU unsplash

TL;DR Breakdown:

  • Bitcoin balance on exchanges has returned to the lowest level in July 2018 amid massive outflows. 
  • Active users on the Bitcoin network have risen by 30 percent to 325k users. 

Cryptopolitan recently reported a growing level of accumulation amongst deep-pocketed Bitcoin investors, which was subsequently drying up the Bitcoin balance on exchanges. Today, however, BTC balance on exchanges has dropped further to 2018 levels, following a massive number of outflows recorded in just the past few days. 

Massive BTC outflow is usually regarded as a bullish sign, as it results in more scarcity of BTC. 

Bitcoin balance on exchanges shrinks to July 2018 level

Bitcoin balance on all exchanges significantly dropped within the past days, reaching the lowest level last seen since July 2018, according to data shared by a crypto analyst, Will Clemente. He pointed out there have been massive outflows; at least 63.7k Bitcoin was moved off from crypto exchanges yesterday. 

It remains unknown whether the aforementioned transactions are internal transfers from exchanges. However, outflows are usually considered to be bullish, especially if done by BTC investors, as it shows investors are interested in HODLing. 

To sum it all, a gigantic amount of Bitcoin has been moving off exchanges since this week. Within the past 24 hours, more than $7 billion worth of BTC left exchanges, according to Glassnode. 

Bitcoin active users spikes by 30%

In a separate report, Glassnode confirmed a wake of active users on the Bitcoin network. Last week, Bitcoin activities surged by about 30 percent, from 250k active users to 325k active users. The last time such activity was recorded was during Q2 2020 when BTC was still trading around $11,000. 

The growing activities on the network coincide with the resurgence in the price of Bitcoin. At press time, Bitcoin was trading at $39,681. 

[wp-faq-schema title="FAQs" accordion=1]
Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

Related News

Hot Stories

Neo price analysis: NEO continues bullish flight as price touches $8.70
Cozy Web3 Movement: Cozies announces minting of Cozies NFTs for October 10th
Litecoin price analysis: LTC struggles at $54 as bearish pressure increases
NiceHash Launches First Solo Mining Hashpower Exchange Service to Help Struggling Crypto Miners
Dogecoin price analysis: DOGE sets double top at $0.067, looks to retrace further?

Follow Us

Industry News

NiceHash Launches First Solo Mining Hashpower Exchange Service to Help Struggling Crypto Miners
US Job openings fall by 6.2% - What does this mean for the crypto market?
Here are all the Three Arrows Capital NFT collection details on the verge of liquidation
Did authorities freeze Do Kwon's assets?
Crypto Exchange OKX blacklisted in Russia due to unclear grounds