{"id":552213,"date":"2023-09-21T03:00:58","date_gmt":"2023-09-21T03:00:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=552213"},"modified":"2024-06-11T07:21:05","modified_gmt":"2024-06-11T07:21:05","slug":"bitcoin-exchanges-6-year-low","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-exchanges-6-year-low\/","title":{"rendered":"Bitcoin Reserves On Exchanges Approaching A 6-Year Low, Good For Price?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Bitcoin (BTC) held by leading crypto exchanges like Coinbase, Binance, and Kraken are <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/cryptoquant.com\/asset\/btc\/chart\/exchange-flows\/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">near<\/span><\/a><span data-preserver-spaces=\"true\"> a six-year low, CryptoQuant data on September 20 reveals. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The contraction was recorded when the broader market steadied after posting sharp losses in the better part of August and the first half of September. As of September 20, BTC prices are still below $30,000, but with important sideways movement over the past few weeks.\u00a0<\/span><\/p>\n<figure id=\"attachment_552218\" aria-describedby=\"caption-attachment-552218\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-552218\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Reserve-All-Exchanges.png?resize=1024%2C645\" alt=\"Bitcoin exchange reserve: CryptoQuant\" width=\"1024\" height=\"645\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Reserve-All-Exchanges.png?w=4287 4287w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Reserve-All-Exchanges.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Reserve-All-Exchanges.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Reserve-All-Exchanges.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Reserve-All-Exchanges.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Reserve-All-Exchanges.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Reserve-All-Exchanges.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Reserve-All-Exchanges.png?w=1140 1140w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/Bitcoin-Exchange-Reserve-All-Exchanges.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-552218\" class=\"wp-caption-text\">Bitcoin exchange reserves are declining. Source: CryptoQuant<\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Reserves On Exchanges Falling\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">According to trackers, exchanges control 2.09 million BTC when writing. In total, the Bitcoin network will issue 21 million coins. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, as of 2023, over 19.7 million are in circulation, and public firms such as <a href=\"https:\/\/uniquehot.com\/breaking-news-ticker\/breaking-no-bitcoin-sale-from-tesla-electric-car-giant-holds-on-as-btc-bounces-back-to-30000\/\" target=\"_blank\" rel=\"noopener \">Tesla<\/a>\u2014the electric car automaker\u2014and MicroStrategy\u2014the business intelligence firm\u2014have been loading up. Generally, entities can hold cryptocurrencies in non-custodial wallets or exchanges like Binance or Coinbase.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Exchanges offer custodial wallets where users can store their coins to trade or even HODL. Users who hold their coins on exchanges can easily swap them for USDT or other altcoins. As mentioned<\/span><span data-preserver-spaces=\"true\">, the number of coins held in exchanges continues to contract\u2014which, while on the surface can be bullish, doesn&#8217;t necessarily mean prices will recover. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum-path-to-1700-predictions-for-the-week-ahead\/\" target=\"_blank\" rel=\"noopener \">Ethereum Path To $1,700 \u2013 Predictions For The Week Ahead<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Typically, coin outflows from exchanges can signal a firming market and expectation of price expansion. However, considering the current regulatory environment, traders and Bitcoin holders might prefer taking control of their coins as fear sets in. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Accordingly, more holders secure their coins in their non-custodial wallets as a protective measure, possibly explaining the dropping Bitcoin exchange reserves.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/C1I9Qj6h\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/C1I9Qj6h\/\" alt=\"Bitcoin price on September 20| Source: BTCUSDT On Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price on September 20| Source: <a href=\"https:\/\/www.tradingview.com\/x\/C1I9Qj6h\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<h2><span data-preserver-spaces=\"true\">SEC, Regulators Tough On Exchanges<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The number of Bitcoin held in exchanges has been falling throughout 2022 but appeared to have dropped faster in late 2022. Around that time, FTX, a popular crypto exchange, collapsed, locking billions worth of clients&#8217; funds.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Outflow slowed down in Q1 2023 following the collapse of some regional banks in the United States but has since continued falling. The dip can be attributed to the bear market but primarily because the United States Securities and Exchange Commission (SEC) is cracking the whip on Binance and Coinbase, accusing them of non-compliance.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/ripple-2\/ripple-stirs-debate-shuffling-260-million-in-xrp\/\" target=\"_blank\" rel=\"noopener \">Ripple Stirs Debate By Shuffling $260 Million In XRP: What\u2019s Behind The Move?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In June, Binance and Coinbase were sued by the SEC. The regulator claimed that the two exchanges were issuing unregistered securities, citing some, like Cardano (ADA), as examples. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Amid this crackdown, Binance US became a focal point. Since then, there have been major staff resignations, layoffs, and disruption of operations. Trading volume in Binance US is now <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-18\/binance-us-trading-volume-is-tumbling-as-sec-dispute-heats-up\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">down<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0by over 95%.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) held by leading crypto exchanges like Coinbase, Binance, and Kraken are near a six-year low, CryptoQuant data on September 20 reveals. The contraction was recorded when the broader market steadied after posting sharp losses in the better part of August and the first half of September. As of September 20, BTC prices are still below $30,000, but with important sideways movement over the past few weeks.\u00a0 Bitcoin Reserves On Exchanges Falling\u00a0 According to trackers, exchanges control 2.09 million BTC when writing. In total, the Bitcoin network will issue 21 million coins. However, as of 2023, over 19.7 million are in circulation, and public firms such as Tesla\u2014the electric car automaker\u2014and MicroStrategy\u2014the business intelligence firm\u2014have been loading up. Generally, entities can hold cryptocurrencies in non-custodial wallets or exchanges like Binance or Coinbase. Exchanges offer custodial wallets where users can store their coins to trade or even HODL. Users who hold their coins on exchanges can easily swap them for USDT or other altcoins. As mentioned, the number of coins held in exchanges continues to contract\u2014which, while on the surface can be bullish, doesn&#8217;t necessarily mean prices will recover. Related Reading: Ethereum Path To $1,700 \u2013 Predictions For The Week Ahead Typically, coin outflows from exchanges can signal a firming market and expectation of price expansion. However, considering the current regulatory environment, traders and Bitcoin holders might prefer taking control of their coins as fear sets in. Accordingly, more holders secure their coins in their non-custodial wallets as a protective measure, possibly explaining the dropping Bitcoin exchange reserves. SEC, Regulators Tough On Exchanges The number of Bitcoin held in exchanges has been falling throughout 2022 but appeared to have dropped faster in late 2022. Around that time, FTX, a popular crypto exchange, collapsed, locking billions worth of clients&#8217; funds.\u00a0 Outflow slowed down in Q1 2023 following the collapse of some regional banks in the United States but has since continued falling. The dip can be attributed to the bear market but primarily because the United States Securities and Exchange Commission (SEC) is cracking the whip on Binance and Coinbase, accusing them of non-compliance. Related Reading: Ripple Stirs Debate By Shuffling $260 Million In XRP: What\u2019s Behind The Move? In June, Binance and Coinbase were sued by the SEC. The regulator claimed that the two exchanges were issuing unregistered securities, citing some, like Cardano (ADA), as examples. Amid this crackdown, Binance US became a focal point. Since then, there have been major staff resignations, layoffs, and disruption of operations. Trading volume in Binance US is now down\u00a0by over 95%.\u00a0 Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":552216,"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":[10768,44042,428,1393,3799],"class_list":["post-552213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-binance-us","tag-bitcoin","tag-coinbase","tag-sec"],"acf":[],"yoast_head":"\n<title>Bitcoin Reserves On Exchanges Approaching A 6-Year Low, Good For Price?<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) held by leading crypto exchanges like Coinbase, Binance, and Kraken, are\u00a0near\u00a0a six-year low\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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