Crypto

Bitcoins on exchanges: the great disappearance

Thirst for the bears, to free the bulls – Bitcoin (BTC) has only a few days to “make amends”, and end the end of the year 2021 with a bullfight that we would like to be memorable, for lack of honor his $ 100,000 appointment.

Bitcoin and crypto exchanges: dry reserves

Bitcoin reserves on cryptocurrency exchanges are running low. According to data from CryptoRank, exchanges now only hold 6.3% of the total supply of bitcoins, or about 1.3 million BTC. This decline started from the last halving in 2020. In October 2020, exchanges held 9.5% of Bitcoin’s supply, then fell to 7.3% in July 2021.

CryptoRank Post – Source: Twitter

Traders and investors are used to monitoring the balance of BTC exchanges, to predict a rise or fall in the price of bitcoin. Bitcoin holders generally remove their cryptocurrencies from exchanges, when they are not about to sell them, to store them in their cold wallets.

Recent data from Glassnode further showed a growing increase in the supply of illiquid bitcoins, which has historically had few transactions, reaching 100,000 BTC per month.

All this data seems to confirm the thesis that markets have been competing to accumulate bitcoins for several months.

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The rise and fall of the price of bitcoin: nuances to underline

However, the interpretation of bitcoin exchange reserves must be qualified. The current bitcoin buildup could lead to another bull rally after a few weeks, but bitcoin could still lose the newly earned $ 50,000 in the short term as the bulls scramble to secure $ 51,000.

BTC markets are not immune to another shock from an exogenous factor, a turbulence that could ruin hopes of a final bull run before this cycle sees a possible long phase of the market.

Most observers continue to believe in a $ 100,000 bitcoin in 2022, a date that was missed, but was simply postponed for a few weeks or months. For this crypto personality, the FOMO could be an engine that would contribute to this explosion in the price of bitcoin.

Will you support the Bitcoin revolution? It’s up to you to get on the crypto train! To do this, and start getting acquainted with this exciting world, don’t wait to create an account on Binance, the benchmark Bitcoin and cryptocurrency exchange (affiliate link).

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