{"id":523279,"date":"2023-03-15T21:00:38","date_gmt":"2023-03-15T21:00:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=523279"},"modified":"2024-06-11T08:03:15","modified_gmt":"2024-06-11T08:03:15","slug":"bitcoin-bearish-signal-exchanges-growing-reserves","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bearish-signal-exchanges-growing-reserves\/","title":{"rendered":"Bitcoin Signals Turning Bearish? Exchanges Observe Growing Reserves"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]On-chain data shows exchanges have been observing recent growth in their Bitcoin reserves, a sign that selling pressure may be increasing.<\/p>\n

All Exchanges Observe Growing Bitcoin Reserves, Except For Coinbase<\/h2>\n

As an analyst in a CryptoQuant post<\/a> pointed out, only Coinbase has seen some withdrawals recently. The relevant indicator here is the “exchange reserve<\/a>,” which measures the total amount of Bitcoin currently being held in the wallets of any centralized exchange.<\/p>\n

When the value of this metric goes up for an exchange, it means the platform is receiving a net amount of deposits right now. Since one of the main reasons investors transfer their coins to exchanges is for selling purposes, this trend can have bearish consequences for the asset’s price.<\/p>\n

On the other hand, a decline in the indicator implies a net number of coins is leaving the exchange currently. When prolonged, such a trend can be a sign that investors are making withdrawals to accumulate the cryptocurrency, which can be bullish for the value of BTC in the long term.<\/p>\n

Related Reading: Bitcoin Rally Cools Following CPI Release, But Bulls May Not Be Done<\/a><\/div>\n

Now, here is a chart that shows the trend in the Bitcoin exchange reserves of the major platforms in the sector over the last few days:<\/p>\n

\"Bitcoin<\/p>\n

Most of the exchanges seem to have observed an increase in their treasuries recently | Source: CryptoQuant<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin exchange reserve for almost all of these exchanges (Bitfinex, Binance, Kraken, Kucoin) has been trending up in the past few days.<\/p>\n
The chart also shows the data for another indicator, all exchange’s netflow<\/a>, which tells us about the net change in the combined reserve of all the exchanges in the market.<\/p>\n
It looked like when the latest surge in the price of the cryptocurrency started, this metric saw a large spike, suggesting that holders rushed to deposit their coins to take advantage of the profit-taking opportunity possibly.<\/p>\n
Related Reading: Bitcoin Falls Below $25,000 As Whales Show Elevated Activity<\/a><\/div>\n
While this positive netflow didn’t immediately translate to the price, the continued flow of smaller deposits that have occurred in the last day or so since then does seem to have produced a noticeable effect on Bitcoin, as the asset has declined below the $25,000 level now.<\/p>\n
It’s also possible that some of the earlier large deposits were made in advance, and once the coin touched levels above $26,000, these investors pulled the trigger and dumped their holdings, hence the delay in the price decline.<\/p>\n
The cryptocurrency exchange Coinbase, however, is a platform that has seen a net amount of withdrawals in the last few days. This suggests that possible buying has been taking place on the exchange, and indeed, the Coinbase Premium Index<\/a> may also confirm so.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the metric has had a very positive value in the last few days | Source: CryptoQuant<\/a><\/pre>\n
The Coinbase Premium Index measures the difference between the Bitcoin price listed on Coinbase and that on Binance. From the chart, it’s apparent that this indicator turned very positive recently, which means that BTC had a higher price on Coinbase than on Binance during the spike, suggesting that the platform saw a higher degree of buying pressure.<\/p>\n
Some of these coins bought on the exchange ahead of the price surge are now being withdrawn from the platform’s wallets, hence the downtrend in the exchange reserve.<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, Bitcoin is trading around $24,200, up 10% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has declined after the surge | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Becca on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n
<\/div>\n
Read bitcoin news<\/a> daily on uniquehot.com<\/div>\n
[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"
[vc_row][vc_column][vc_column_text]On-chain data shows exchanges have been observing recent growth in their Bitcoin reserves, a sign that selling pressure may be increasing. All Exchanges Observe Growing Bitcoin Reserves, Except For Coinbase As an analyst in a CryptoQuant post pointed out, only Coinbase has seen some withdrawals recently. The relevant indicator here is the “exchange reserve,” which measures the total amount of Bitcoin currently being held in the wallets of any centralized exchange. When the value of this metric goes up for an exchange, it means the platform is receiving a net amount of deposits right now. Since one of the main reasons investors transfer their coins to exchanges is for selling purposes, this trend can have bearish consequences for the asset’s price. On the other hand, a decline in the indicator implies a net number of coins is leaving the exchange currently. When prolonged, such a trend can be a sign that investors are making withdrawals to accumulate the cryptocurrency, which can be bullish for the value of BTC in the long term. Related Reading: Bitcoin Rally Cools Following CPI Release, But Bulls May Not Be Done Now, here is a chart that shows the trend in the Bitcoin exchange reserves of the major platforms in the sector over the last few days: Most of the exchanges seem to have observed an increase in their treasuries recently | Source: CryptoQuant As displayed in the above graph, the Bitcoin exchange reserve for almost all of these exchanges (Bitfinex, Binance, Kraken, Kucoin) has been trending up in the past few days. The chart also shows the data for another indicator, all exchange’s netflow, which tells us about the net change in the combined reserve of all the exchanges in the market. It looked like when the latest surge in the price of the cryptocurrency started, this metric saw a large spike, suggesting that holders rushed to deposit their coins to take advantage of the profit-taking opportunity possibly. Related Reading: Bitcoin Falls Below $25,000 As Whales Show Elevated Activity While this positive netflow didn’t immediately translate to the price, the continued flow of smaller deposits that have occurred in the last day or so since then does seem to have produced a noticeable effect on Bitcoin, as the asset has declined below the $25,000 level now. It’s also possible that some of the earlier large deposits were made in advance, and once the coin touched levels above $26,000, these investors pulled the trigger and dumped their holdings, hence the delay in the price decline. The cryptocurrency exchange Coinbase, however, is a platform that has seen a net amount of withdrawals in the last few days. This suggests that possible buying has been taking place on the exchange, and indeed, the Coinbase Premium Index may also confirm so. Looks like the metric has had a very positive value in the last few days | Source: CryptoQuant The Coinbase Premium Index measures the difference between the Bitcoin price listed on Coinbase and that on Binance. From the chart, it’s apparent that this indicator turned very positive recently, which means that BTC had a higher price on Coinbase than on Binance during the spike, suggesting that the platform saw a higher degree of buying pressure. Some of these coins bought on the exchange ahead of the price surge are now being withdrawn from the platform’s wallets, hence the downtrend in the exchange reserve. Bitcoin Price At the time of writing, Bitcoin is trading around $24,200, up 10% in the last week. BTC has declined after the surge | Source: BTCUSD on TradingView Featured image from Becca on Unsplash.com, charts from TradingView.com, CryptoQuant.com Read bitcoin news daily on uniquehot.com [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":542,"featured_media":523293,"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":[428,85841,83940,1119,1144,1393,87374],"class_list":["post-523279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bearish-signal","tag-bitcoin-exchange-reserve","tag-btc","tag-btcusd","tag-coinbase","tag-coinbase-premium"],"acf":[],"yoast_head":"\nBitcoin Signals Turning Bearish? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Signals Turning Bearish? 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