Bitcoin reserves on exchanges reach a 6-year low
Key Takeaways
- Bitcoin reserves on exchanges have dropped to 2.3 million, the lowest level since November 2018.
- Data from CoinGlass shows $2.7B in weekly outflows and $7.58B in monthly outflows as confidence in Bitcoin grows with ETFs now holding 1 million BTC.
Bitcoin reserves on exchanges have fallen to their lowest level since November 2018, according to a CryptoQuant-verified analyst.
Bitcoin Exchange Reserve Chart (Source: CryptoQuant)
Data from CoinGlass shows exchanges experienced outflows of roughly 30,000 Bitcoin, valued at $2.7 billion, in the past week.
Over the last 30 days, outflows reached 85,000 Bitcoin, worth $7.6 billion.
Exchange-held Bitcoin has declined steadily since January, dropping from 2.72 million to 2.3 million Bitcoin, as investors move their holdings to private wallets for long-term storage.
The trend coincides with the growth of Bitcoin ETFs, which now collectively hold 1 million Bitcoin.
BlackRock has emerged as the largest institutional Bitcoin holder, with more than 470,000 Bitcoin valued at $41 billion under management.
With a reduced supply on exchanges and a growing dominance of long-term holders and ETFs, the Bitcoin market could become more resilient, setting the stage for potential new price peaks.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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