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Bitcoin Sucked from Exchanges to 2018 Lows, While Institutions Are Buying the Dip

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Wed, 04/06/2022 - 15:52
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Yuri Molchan
Bitcoin balance on exchanges has dropped to 2018 level, according to Glassnode
Bitcoin Sucked from Exchanges to 2018 Lows, While Institutions Are Buying the Dip
Cover image via stock.adobe.com

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Prominent Bitcoin-related Twitter account @BTC_Archive has shared a Glassnode chart showing that BTC has currently been drained from centralized crypto exchanges to the lows observed almost four years ago—in 2018.

Back then, Crypto Winter dominated the market, and the price of the leading digital currency drifted at $7,200.

The Bitcoin supply on exchanges has been gradually declining since the peak reached in the first half of 2020, according to the Glassnode chart.

"Paper hands" drop their BTC

By April 6, Bitcoin has slumped from the $46,783 level to the low of $44,110, losing 5.71%.

According to data from Coinglass, a total of $340 million liquidations has been carried out over the past 24+ hours; $54.31 million were wiped out just in four hours.

This pushed the overall value of the crypto market down roughly 5%—to $2.04 trillion levels.

The fall of Bitcoin's price has caused the rest of the crypto market to go down, bathing in red. This was the reaction to the decline of the stock market.

Related
Miami Reveals Crypto-Related "Bullish" Statue

Institutions keep buying the dip

While traders are selling, institutional investors keep buying the dip. As reported by U.Today on April 5, the MicroStrategy subsidiary with almost the same name—MacroStrategy—had acquired another large Bitcoin amount, adding to its BTC stash.

The company bought 4,167 Bitcoins, paying roughly $190.5 million for this amount of crypto.

Also, this morning, LUNA Foundation Guard acquired a total of 3,964 Bitcoins after making an earlier BTC purchase recently. The foundation now holds a total of 34,691.9 BTC.

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About the author

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.