The Number of Bitcoins on Exchanges Has Declined Sharply in the Last 10 Days
🗓 From May 30, 2024 to June 10, 2024, Bitcoin balances on exchanges decreased from 2.55 million BTC to 2.49 million BTC, equivalent to a decrease of about 2.35% only in 10 days. This notable change reflects a change in user behavior.
📉 This downward trend is not accidental:
Users are moving Bitcoin off exchanges. The purpose may be for more secure storage in personal wallets or to participate in decentralized trading platforms.
🔒 Safer storage:
Withdrawing Bitcoin from exchanges and transferring it to personal wallets or cold wallets helps users better protect their assets.
📈 Impact on the market:
Supply on exchanges decreases, while demand may increase, which could push Bitcoin prices up.
Conclude:
Reducing the number of Bitcoins on exchanges in the short term can create positive fluctuations in the market. Please continue to follow for the best strategy.
