According to data from on-chain analytics provider Glassnode, Bitcoin exchange balances have dropped to the lowest levels since the deep crypto winter of late 2018.
Market analyst, Will Clemente, has observed the metric noting there have been two more large outflows over the past 24 hours.
“Two massive outflows today: one worth 23,530 BTC this morning and another batch worth 40,181 BTC about a half-hour ago.”
BTC exhange outflows – Glassnode
When Bitcoin leaves centralized crypto exchanges it is usually viewed as a bullish sign. The assets may be getting moved into custody or cold wallets or being invested in DeFi. Conversely, when there are large inflows to exchanges it is considered bearish as investors are preparing to liquidate.
As evidenced by the chart above, April and May witnessed a lot of BTC being moved to exchanges, reversing the trend for the year. The asset reached its all-time high of $64,800 in April and markets have been down-trending ever since. The massive exodu
Źródło: https://cryptopotato.com/massive-outflows-see-bitcoin-exchange-balances-plummet-to-2018-levels/
