Bitcoin reserves on cryptocurrency exchanges hit 6-year low
Bitcoin reserves on cryptocurrency exchanges hit their lowest level since November 2018, data from CoinGlass showed
“CoinGlass” saw outflows of 30,000 bitcoins, worth $2.7 billion, over the past week, and 85,000 bitcoins worth $7.6 billion over the past month.
Since the beginning of the year, the amount of bitcoin held on cryptocurrency exchanges has fallen from 2.72 million to 2.3 million, as investors turn to long-term storage in private wallets.
This trend has coincided with increased institutional investment in bitcoin through exchange-traded funds, which currently hold 1 million bitcoins.
BlackRock has emerged as the largest institutional holder of the currency, managing more than 470,000 bitcoins worth $41 billion.
The decline in Bitcoin reserves on exchanges, coupled with the dominance of long-term holders and ETFs, enhances the market’s resilience and paves the way for the possibility of new price increases