$1.7 billion Bitcoin changed hands in 3 days, reserves returned to 2018

Bitcoin miners sold 30 thousand BTC in the last three days. The amount of BTC in cryptocurrency exchanges also decreased to the November 2018 level. On the other hand, fixed coin reserves are increasing.

While Bitcoin was going back and forth between 53 thousand and 58 thousand dollars, it was sold at an unprecedented rate by miners. According to the data provided by Santiment, the BTCs in the hands of Bitcoin miners have decreased from about 2.17 million to 2.14 million since August 8. In other words, 30 thousand BTC (about 1.7 billion dollars) changed hands.

On the other hand, the amount of Bitcoin held in cryptocurrency exchanges has also decreased significantly in recent days. This amount, which is 2 million 627 thousand, has decreased to 2 million 588 thousand as of today. Thus, the number of BTCs coming out of the exchanges since September 8 has reached 40 thousand (about 2 billion 250 million dollars). In addition, the number of BTC in the stock exchanges was so low in the last November 2018 period.

The amount of Bitcoin held on cryptocurrency exchanges is at its lowest level since November 2018. Source: CryptoQuant

The fall in stock market reserves is considered as a bullish signal. This means that investors tend to hold Bitcoin long-term. Therefore, while the circulating supply decreases, it creates an upward pressure potential on this price.

Fixed coin reserves are also increasing

While Bitcoin reserves in stock exchanges are decreasing, fixed coin reserves ready to buy are increasing. USDT ERC-20 reserves, which were 22 billion dollars last week, increased by another 200 million dollars to 22.2 billion dollars. USDC ERC-20 reserves increased by 800 million dollars in the same period.