Prior to Black Thursday, Huobi's BTC balance had already started to decline, suggesting that part of its recent decrease may have been due to market forces at play before the crash. Emotionally , the final score this week was 68 points, an increase of 6 points. As the Bitcoin price rises, the value of futures contracts also increases drastically, reaching all-time high again. Bitcoin Risks Turning Bearish Due to Declining Market Health, Says Glassnode May 26, 2020 More Than $220M in Bitcoin Withdrawn from Crypto Exchanges Since the Halving Throughout the 47th week, the fundamentals on the Bitcoin chain experienced a strong rise. When Black Thursday hit, the exchange's BTC balance had already decreased by over 47% since its highest point in December 2018. Compared with the 2% drop in the SPY index last week, it has grown by nearly 17% in the past week. Since October, as the price of BTC has risen sharply, the withdrawal of Bitcoin from the exchange has been faster. As usual, bitcoiners believe that the data suggests investors are accumulating, rather than selling the bitcoin on exchanges. According to data from the monitoring company Glassnode, the net transfer volume from and to centralized exchanges has spiked in the past 24 hours. © 2017-2020 BLOCKCAST.CC. #Bitcoin on-chain indicators suggest conditions are similar to the second half or later stages of a bull … In fact, BTC held on exchanges haven’t been as low as they are today since 2018, according to onchain statistics by Glassnode. Even renowned analyst Willy Woo has joined in to sound off on the debate. Bitcoin addresses belonging to exchanges should also be differentiated from self-hosted addresses (private wallets). Therefore, the withdrawal of BTC from the exchange is a bullish signal for Bitcoin, which shows that investors believe that despite close to historical highs, the asset still has more room for growth. Record BTC Net Flow Towards Exchanges. Many people believe that this trend means that more investors are committed to long-term holdings, rather than cashing out as retail investors. Despite the drop having been more rapid since the crash, the BTC balance on Bitfinex was already in a phase of steady decline. Ethereum Ready To Explode! Bitcoin Investors' Exodus from Major Exchanges Continues, For on–chain metrics and activity graphs, visit, For automated alerts on core on–chain metrics and activity on exchanges, visit our. In addition, BTC continued to significantly outperform the stock market. Source: Glassnode Immediately after the crash, BitMEX experienced a much more rapid decrease in BTC balance than any other exchange. This was almost certainly due to the fact that the exchange experienced two DDoS attacks on Black Thursday, delaying user requests and causing disruption to their service, during which users could not respond to the rapidly dropping market. The savings behavior subcategory contributed the most to this growth, with an increase of 24 points (140%), which was due to the slowing down of BTC speculators’ selling speed. BTC exchange balance continues to decline. On the contrary, less determined retail investors tend to keep their BTC on the exchange, ready to cash out at any time. While the large bitcoin addresses have declined in recent months, so have the exchange-related activities. Since October, as the price of BTC has risen sharply, the withdrawal of Bitcoin from the exchange … One key indicator is the balance on exchanges which has hit a new two-year low. This shows that long-term hodling behavior cannot fully explain the decline in BTC on exchanges, and that the cause must also be coming from specific exchanges themselves. Onchain statistics from Glassnode indicate that the amount of bitcoin held on exchanges is down to levels not seen since 2018. This was probably made trading looking to cash out from the recent surge in … Glassnode Insights provides contextualised and actionable market insights for all stakeholders in the blockchain industry. Bitcoin on exchanges is down 21% this year. XRP rose as much as 73.9% this week. Data provided by cryptocurrency analytics platform Glassnode indicates that the seven-day moving average of unique daily exchange bitcoin deposits dropped to a monthly low of 2,845.357 on April 2, 2021. The number of Bitcoin addresses depositing BTC to crypto exchanges has doubled since the beginning of 2020. Continuing on this downward trajectory, the balance of BTC on exchanges has now reached its lowest point in over a year, having decreased by over 320,000 BTC - more than 12% - since Black Thursday. Image: Glassnode. Net transfer volume from/to exchanges of bitcoin. Bitcoin balance on exchanges. The bitcoin price had surged over 3,5% at press time and now sits at almost $37,000. Liquid Supply Change / Source: Glassnode Futures reach an all-time high. We analyze potential explanations for this exodus. In the past week, the guide has rushed into the bull market quadrant, and there have been considerable gains in GNI and price movements. This is supported by the growing number of BTC whales, as well as continued hodler accumulation over the past 2 months. As Glassnode shared on Monday, about $15.4 billion worth of Bitcoin was transferred to crypto exchanges over the past weekend. BTC has another impressive performance this week, rising to above $18,000 for the first time since December 2017, and it is close to a historical high. At the same time, the plummeting foreign exchange balances verified that investors intend to hoard BTC. This is according to the team at Glassnode who also added that approximately 100,000 unique Bitcoin addresses send BTC to crypto exchanges on a daily basis. According to a report by Glassnode, bitcoin’s declining stablecoin supply ratio (SSR) indicates an increased supply of newly minted coins on exchanges. The chart from Glassnode shows that the total value of Futures Open Interest on major cryptocurrency exchanges has exceeded $ 27 billion. Further Glassnode data revealed that the number of exchange deposits (7-day moving average) had reached a monthly low of less than 2.7 million. Always ready to rock n roll and mingle. According to Arcane Research, the amount of bitcoin held on exchanges is down 21% since February. If so, Bitcoin will be set for a long-term bullish run. The research team at Glassnode says the three-day moving average of new addresses jumped 11.7% … Part of this can be attributed to Bitcoin’s growing popularity during the wake of the COVID … This likely led many users to withdraw their funds from the exchange. Except for BNB, mainstream altcoins performed well against BTC throughout the 47th week. Weekly on-chain Bitcoin, Ether flows on crypto exchanges. ADVERTISEMENT Glassnode’s graph illustrates that BTC whales have been gradually expanding their holdings during the same period to north of 2,000 such addresses. The number of BTC on exchanges continues to decline, reaching its lowest point in over a year. Between January 2018 and February 2020, the total amount of bitcoin held on exchanges increased. Sentiments remain bullish for the most. Nearly half a billion in Tether inflows was recorded on April 8 across major Bitcoin (BTC) exchanges, based on Glassnode’s data. In particular, Bitfinex has seen the steepest decline, losing 66.6% of its total BTC balance since Black Thursday. Via Glassnode BTC on Exchanges and Daily Transactions Decrease Too. Figure 7: Number of BTC whales vs. BTC balance on exchanges in 2020. Cryptocurrency News, Sygnum becomes the first-ever bank to roll out Tezos staking, Interview Session with Albert Kong, Asiawide Franchise “Not using technology is…, Interview with Eric Yao, Cofounder of EpiK Protocol “Trusted Storage, Incentive,…, Blockcast.cc Exclusive Interview with Sheng Chao, Founder of iNFT “NFT is…, Blockcast.cc Exclusive Interview with Dr. Santhi Kanoktanaporn “Rethink, Refocus, Reskill”, AMA with Robin, Founder of Zero one at Asia Blockchain Community…. Considering that the inflows, the biggest since mid-March, coincided with a minor Bitcoin pullback, it indicates that buyers could be waiting to step in following BTC’s price drop. Internet health increased by 11 points throughout the week, and the final score was 67 points. Back in December 2020, it was noted that bitcoin on exchanges dropped to a three-year low and this year bitcoin exchange … Glassnode data shows that the hash rate on the Bitcoin network has reached a new peak. While some market observers are touting this narrative, it doesn't explain why only a few exchanges are seeing this effect or why the movement began exactly on Black Friday. ... Bitcoin Ownership is not Highly Concentrated – But Whales are Accumulating ... plummeting exchange balances support the … The same may be true of Bitfinex. According to data from crypto analytic firm, Glassnode, mining the cryptocurrency is now more rewarding than ever. Data from Glassnode shows that exchange outflows have taken another dive. Concerned about the liquidity of crypto exchanges amid the market downturn; The move coincides with a surge in the creation of new Bitcoin addresses. The amount of Bitcoin held on exchanges continues to fall while on-chain support has strengthened indicating that prices could continue higher. Bitcoin Net Transfers From/To Exchanges. The Bitcoin market is presently flourishing as more and more people are joining the bandwagon. Although Bitcoin’s continuous withdrawal from exchanges has led to a decline in transaction liquidity, transaction liquidity has increased with the increase in the number of transactions on the chain. It also assumes that bullish investors will remove their BTC from exchanges rather than simply leaving them there; while this is known to occur in general, an effect this large would require a significant number of investors to behave like this. In contrast, Coinbase remains the most popular exchange for holding BTC, with a current balance of 968,000 BTC, having decreased by only 0.2% since Black Thursday. She is a writer, growth strategist, and analyst at Glassnode. Written by: Liesl Eichholz Translation: Olivia. The previous monthly lowest deposit number was recorded on March 26, 2021, at 2,847.935.
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