Bitcoin balances draining in exchanges due to sell-off

Exchanges have faced $10B worth of Bitcoin withdrawals over the last 4 months
  • Bitcoin balance from cryptocurrency exchanges are continuing to decline
  • The declination considers that more investors are holding the tokens rather than selling
  • Over the past four months, the major global crypto exchanges have seen 189k Bitcoin withdrawals

Bitcoin has been observed gaining its bullish momentum back over the last two days. According to the data from CoinMarketCap, the token gained around 30% after its correction late last month. However, over the last four years, the crypto exchanges have faced major sell-offs worth $10 billion over the last 4 months. 

Last December, it was observed that the cryptocurrency on exchanges dropped to a three-year low. And since the beginning of this year, the balances on the exchange remain declining. Moreover, since last October, a tremendous amount of 1,89,000 BTC tokens has already been withdrawn from the top five leading major exchanges globally.

Bitcoin exchange balances falling from popular exchanges

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This week remained good for the price of Bitcoin, as at press time, the token was trading at the level of $54,545. Comparing the current price with the level near $43k in the last week, it is observed that the token has surged tremendously over the period of the last seven days. On the other side, on-chain data revealed that the crypto exchange balances held on popular platforms continue to decline. 

On Sunday, William Clemente III, the Sophomore finance major, shared data from glassnode. While observing the data regarding the cryptocurrency’s balances on exchanges, it was observed that the token is taking another dive. According to the data, few popular crypto exchanges such as Coinbase, Binance, Huobi have lost 20% of balances over the last one year. According to experts in the cryptosphere, the data has shown that Bitcoiners are hodling their BTC balances instead of selling them.

189k BTC tokens have been withdrawn from exchanges

In terms of crypto exchanges holding Bitcoins Coinbase, it is the world’s leading cryptocurrency exchange. Back in October, it was observed that the exchange was holding 9,08,000 BTC tokens. However, currently, the exchange is observed holding 8,70,000 BTC tokens. Over the last three weeks, nearly 34k BTC has been withdrawn from the San Francisco-based exchange. However, since June last year, the exchange also witnessed 36k BTC tokens leaving the exchange before the previously mentioned withdrawal. On the other side, Huobi Global, the second largest BTC holder exchange, has also faced 93k BTC withdrawals over the same period. Likewise, other major exchanges have also faced the same withdrawals. Indeed, combining all the exchanges, the total withdrawal value was 189k BTC, or more than $10 billion.

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Ahtesham Anishttp://www.thecoinrepublic.com
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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