The total amount of BTC held by major exchanges has dropped by 12.9% since January 1st.
Bitcoin investors who move their holdings to cold wallets are usually bullish on the price.
There has been a new supply low in the quantity of Bitcoin held on cryptocurrency exchanges, which may be the impetus Bitcoin needs to reclaim the $60,000 mark.
According to an analyst at CryptoQuant, on August 29, Bitcoin reserves on exchanges reached new lows for the year, which might mean less selling pressure and even support a bull market if demand keeps growing.
Investors Banking on Bitcoin Price
Data compiled by CryptoQuant shows that the total amount of Bitcoin held by major exchanges has dropped by 12.9% since January 1st, to 2.62 million Bitcoin. According to the analyst, Bitcoin investors who move their holdings to cold wallets are usually bullish on the asset’s price potential and dedicated to keeping it for the long haul.
The new predictions by several analysts that Bitcoin’s price would surge in the fourth quarter of 2024 are accompanied by the decreasing quantity of Bitcoin on exchanges. At the same time, the CryptoQuant analyst reiterated that a more robust market, less vulnerable to massive panic sell-off, would result from an increase of long-term Bitcoin ownership.
The fact that long-term Bitcoin investors have spent more than $10 billion on the asset and are hesitant to sell it since its price dropped from $69,000 was recently exposed.
On Thursday, net outflows of $71.73 million resumed for U.S. spot bitcoin exchange-traded funds, continuing their three-day losing streak. Continued outflows of $22.68 million from Grayscale’s GBTC and $31.11 million from Fidelity’s FBTC occurred on Thursday. Another $8.09 million went out of the Bitwise BITB fund and $1.68 million went out of the Valkyrie BRRR fund.
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