Bitcoin Exchange Reserves Crash to Three-Year Low: Details

Mon, 02/14/2022 - 15:20

Glassnode has shared data indicating that Bitcoin supply on exchanges has dropped to a three-year low

Bitcoin Exchange Reserves Crash to Three-Year Low: Details

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Bitcoin exchange reserves face a major decline
Santiment sees a bullish sign for Bitcoin

Analytics data company Glassnode has reported that Bitcoin balances across multiple digital exchanges have declined to a three-year low.

Bitcoin exchange reserves face a major decline

Reserves of the flagship digital currency across centralized crypto exchanges have made a drop to a lowest level in three years, now totaling 2,506,201.373 BTC.

That is more than 300 fewer coins since Feb. 13, when balances on exchanges comprised 2,506,583.557 coins.

? #Bitcoin $BTC Balance on Exchanges just reached a 3-year low of 2,506,201.373 BTC

Previous 3-year low of 2,506,583.557 BTC was observed on 13 February 2022

View metric:https://t.co/9vOOAmwh32 pic.twitter.com/VdkLhZvDSq
— glassnode alerts (@glassnodealerts) February 14, 2022

Another on-chain data collector—Santiment—tweeted on Saturday that Bitcoin reserves on crypto exchanges had dropped to their lowest since December 2018, when crypto winter was in full swing.

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According to the tweet, Bitcoin reserves on exchanges had shrunk to 10.87% after the decline, which followed a series of consecutive BTC price drops. At the start of the weekend, Bitcoin lost roughly $1,000, falling from the $43,700 area to $41,980 on Saturday.

However, this decline in the BTC supply on crypto trading venues is likely to prevent any sell-offs, Santiment believes.

Peter Schiff Shares Bearish Technical Pattern, Predicts Rapid Bitcoin Crash

Santiment sees a bullish sign for Bitcoin

Earlier today, Santiment tweeted that over the weekend, despite the mild decline of the Bitcoin price, Saturday saw the highest number of active BTC addresses yet this year. The analytics team of the data vendor believes that this indicates an increase in utility; therefore, a possible price rise may follow it.

? #Bitcoin had a mild decline over the weekend, but Saturday was the highest amount of active addresses (1.08M) recorded in 2022. The uptick in participants transacting on the $BTC network is a nice sign of increased utility, a predecessor to price rises. https://t.co/37X2TtYk5S pic.twitter.com/ZP0vrgm5KB
— Santiment (@santimentfeed) February 14, 2022

#Bitcoin News #Cryptocurrency exchange

About the author

Yuri Molchan

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets.

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.