1.7 billion dollars worth of 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 on cryptocurrency exchanges also decreased to the level of November 2018. On the other hand, stablecoin reserves are increasing.
While Bitcoin fluctuated between $53 thousand and $58 thousand, miners sold at a speed not seen recently. According to the data provided by Santiment, the BTCs held by Bitcoin miners decreased from approximately 2.17 million to 2.14 million since August 8. In other words, 30 thousand BTC (approximately $1.7 billion) changed hands.
Exchange reserves are at the level of November 2018
On the other hand, the amount of Bitcoin held on cryptocurrency exchanges has also decreased significantly in recent days. This amount, which was 2 million 627 thousand, has decreased to 2 million 588 thousand as of today. Thus, the number of BTCs withdrawn from exchanges since September 8 has reached 40 thousand (approximately 2 billion 250 million dollars). In addition, the last time the number of BTCs on exchanges was this low was in November 2018.
The decrease in exchange reserves is considered an upward signal. This means that investors tend to hold Bitcoin for the long term. Therefore, while the supply in circulation is also decreasing, this creates the potential for upward pressure on the price.
Stablecoin reserves are also increasing
While Bitcoin reserves on exchanges are decreasing, stablecoin reserves ready for purchase 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.
