{"id":474734,"date":"2021-10-27T23:00:46","date_gmt":"2021-10-27T23:00:46","guid":{"rendered":"https:\/\/uniquehot.com\/?p=474734"},"modified":"2024-06-11T07:09:10","modified_gmt":"2024-06-11T07:09:10","slug":"bitcoin-exchange-balances-decline","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-exchange-balances-decline\/","title":{"rendered":"Bitcoin Exchange Balances Decline To Three-Year Low Amid Rising Prices"},"content":{"rendered":"

Bitcoin exchange balances have been on the decline since the bull rally began. The volumes were expected to go up once the digital asset had hit a new all-time high in October. However, this was not the case. Previous trends have often pointed to exchange balances seeing an increase in bull markets when investors moved their holdings to exchanges in order to take profits. This bull market has defied all expectations for it and continues to do so.<\/p>\n

Outflows from exchanges outpace inflows as investors withdraw BTC from exchanges en masse. Exchange balance volumes relative to the circulating supply of bitcoin have declined towards three-year lows. BTC exchange balances now sit at levels not seen since January 2018. This has led to a supply squeeze on exchanges, causing sell pressures to drop tremendously.<\/p>\n

Related Reading |\u00a0American Singer Mariah Carey Offers Free $20 In Bitcoin To Promote Adoption<\/a><\/strong><\/em><\/p>\n

Big Exchanges See Declining Balances<\/h2>\n

Big exchanges like Binance, Coinbase, and Huobi have seen large volumes of bitcoin withdrawn from their exchanges. Binance recorded the highest outflows for the last week with 21,000 BTC withdrawn from the crypto exchange. This is one of the sharpest declines recorded in the market.<\/p>\n

\"Chart<\/p>\n

BTC exchange balances continue to decline | Source: Arcane Research<\/a><\/pre>\n
Huobi also saw thousands of BTC leave the exchange in the past week. The past seven days save 8,000 BTC withdrawn from the cryptocurrency exchange. The outflows from the exchange culminated in a 9% drop in the volume of bitcoin held on Huobi.<\/p>\n
These outflows are no longer surprising given that the market has continuously followed this trend for the past few months. Growing scarcity has led to mounting buy pressures as investors scramble to get their hands on as much of the digital asset as they can.<\/p>\n
Exchanges Hold 12.94% Of Bitcoin Supply<\/h2>\n
The share of the total circulating supply held by exchanges has plummeted in October. Currently, exchanges hold 2.44 million BTC on their balances. This translates to 12.94% of the total circulating supply, a new three-year low. A total of 27,500 BTC left exchanges in the past week alone.<\/p>\n
Related Reading |\u00a0Brace For Impact: Wall Street Is Headed Straight For Bitcoin, Says Analyst<\/a><\/strong><\/em><\/p>\n
Chart trends show that the volume held by these exchanges has consistently declined as the price of bitcoin has grown. Exchange balances had peaked for the year in June after the market had experienced a crash that put an end to the bull rally in April. Sell pressures eased in the months following June, leaving room for further accumulation by investors. Investors are choosing to leave their assets in cold storage rather than moving to exchanges to take gains from the market.<\/p>\n
\"Bitcoin<\/p>\n
BTC trading in the mid-$58K | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Glassnode\u2019s data shows that Coinbase holds 29% of global exchange reserves. Despite the sharp decline in its balances, Binance still holds 21% of global bitcoin exchange reserves. Gemini holds the third-largest volume with 12% of global reserves. The report however did not include balances from the crypto exchange, FTX.<\/p>\n
Featured image from Bitcoin News, charts from Arcane Research and TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin exchange balances have been on the decline since the bull rally began. The volumes were expected to go up once the digital asset had hit a new all-time high in October. However, this was not the case. Previous trends have often pointed to exchange balances seeing an increase in bull markets when investors moved their holdings to exchanges in order to take profits. This bull market has defied all expectations for it and continues to do so. Outflows from exchanges outpace inflows as investors withdraw BTC from exchanges en masse. Exchange balance volumes relative to the circulating supply of bitcoin have declined towards three-year lows. BTC exchange balances now sit at levels not seen since January 2018. This has led to a supply squeeze on exchanges, causing sell pressures to drop tremendously. Related Reading |\u00a0American Singer Mariah Carey Offers Free $20 In Bitcoin To Promote Adoption Big Exchanges See Declining Balances Big exchanges like Binance, Coinbase, and Huobi have seen large volumes of bitcoin withdrawn from their exchanges. Binance recorded the highest outflows for the last week with 21,000 BTC withdrawn from the crypto exchange. This is one of the sharpest declines recorded in the market. BTC exchange balances continue to decline | Source: Arcane Research Huobi also saw thousands of BTC leave the exchange in the past week. The past seven days save 8,000 BTC withdrawn from the cryptocurrency exchange. The outflows from the exchange culminated in a 9% drop in the volume of bitcoin held on Huobi. These outflows are no longer surprising given that the market has continuously followed this trend for the past few months. Growing scarcity has led to mounting buy pressures as investors scramble to get their hands on as much of the digital asset as they can. Exchanges Hold 12.94% Of Bitcoin Supply The share of the total circulating supply held by exchanges has plummeted in October. Currently, exchanges hold 2.44 million BTC on their balances. This translates to 12.94% of the total circulating supply, a new three-year low. A total of 27,500 BTC left exchanges in the past week alone. Related Reading |\u00a0Brace For Impact: Wall Street Is Headed Straight For Bitcoin, Says Analyst Chart trends show that the volume held by these exchanges has consistently declined as the price of bitcoin has grown. Exchange balances had peaked for the year in June after the market had experienced a crash that put an end to the bull rally in April. Sell pressures eased in the months following June, leaving room for further accumulation by investors. Investors are choosing to leave their assets in cold storage rather than moving to exchanges to take gains from the market. BTC trading in the mid-$58K | Source: BTCUSD on TradingView.com Glassnode\u2019s data shows that Coinbase holds 29% of global exchange reserves. Despite the sharp decline in its balances, Binance still holds 21% of global bitcoin exchange reserves. Gemini holds the third-largest volume with 12% of global reserves. The report however did not include balances from the crypto exchange, FTX. Featured image from Bitcoin News, charts from Arcane Research and TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":474739,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84547,1119,1144,78790,84548],"class_list":["post-474734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-balances","tag-btc","tag-btcusd","tag-btcusdt","tag-exchange-balances"],"acf":[],"yoast_head":"\nBitcoin Exchange Balances Decline To Three-Year Low Amid Rising Prices<\/title>\n<meta name=\"description\" content=\"Bitcoin exchange balances have been on the decline since the bull rally began. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Exchange Balances Decline To Three-Year Low Amid Rising Prices","url":"http:\/\/uniquehot.com\/news\/bitcoin-exchange-balances-decline\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-exchange-balances-decline\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/10\/bitcoin-3.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/10\/bitcoin-3.jpeg?fit=1280%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin exchange balances","btc","btcusd","btcusdt","exchange balances"],"dateCreated":"2021-10-27T23:00:46Z","datePublished":"2021-10-27T23:00:46Z","dateModified":"2024-06-11T07:09:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Exchange Balances Decline To Three-Year Low Amid Rising Prices\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-exchange-balances-decline\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-exchange-balances-decline\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/bitcoin-3.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/10\\\/bitcoin-3.jpeg?fit=1280%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin exchange balances\",\"btc\",\"btcusd\",\"btcusdt\",\"exchange balances\"],\"dateCreated\":\"2021-10-27T23:00:46Z\",\"datePublished\":\"2021-10-27T23:00:46Z\",\"dateModified\":\"2024-06-11T07:09:10Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/10\/bitcoin-3.jpeg?fit=1280%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/474734"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=474734"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/474734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/474739"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=474734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=474734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=474734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}