{"id":439322,"date":"2020-09-22T17:00:51","date_gmt":"2020-09-22T17:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=439322"},"modified":"2024-06-12T09:24:25","modified_gmt":"2024-06-12T09:24:25","slug":"how-btc-held-on-exchanges-matches-bitcoins-deadliest-drop-yet","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/how-btc-held-on-exchanges-matches-bitcoins-deadliest-drop-yet\/","title":{"rendered":"How BTC Held On Exchanges Matches Bitcoin’s Deadliest Drop Yet"},"content":{"rendered":"

Several signs indicate that Bitcoin is potentially on the brink of a new bull market, and much higher prices are ahead. However, one seemingly bullish sign<\/a> that investors are preparing for mark up, is actually at the same level as just prior to the collapse to the cryptocurrency’s bottom.<\/p>\n

Are looks this deceiving, and Bitcoin is about to take a similar plunge once again? Or is this potentially bullish signal the first real indication that the bull run is here?<\/p>\n

Investors Move BTC Off Of Crypto Exchanges At Hastening Rates<\/h2>\n

Although Bitcoin is valuable to different people for many different reasons, chiefly, the asset’s valuation is derived from its digital scarcity<\/a>.<\/p>\n

Valuation models like the stock-to-flow<\/a> method look closely at the total BTC supply in relation to where it is in the asset’s market cycle and each block reward halving. This theory suggests that as the supply is reduced, demand rises, and so do prices.<\/p>\n

In advance of this expectation, crypto investors, particularly whales, have been moving their BTC off of exchanges<\/a> and into privately owned wallets either through cold storage or on the web.<\/p>\n

Related Reading | \u201cIntense\u201d Bitcoin Whale Exchange Flow Could Be Behind Weekend Crash<\/a><\/strong><\/em><\/p>\n

The crypto community has been high fives all around since this first began starting on Black Thursday, believing its a sign that more and more investors are holding for the long haul.<\/p>\n

But, this metric measuring how much BTC is held on exchanges is currently the same exact level that led to the November 2018 plummet to Bitcoin’s bear market bottom.<\/p>\n

If moving BTC off exchanges is a sign of a bull run beginning, then why did this level in the past trigger such a selloff?<\/p>\n

\"bitcoin<\/p>\n

Total Supply Matches Bitcoin’s Worst Drop Yet: Why This Time Is Different<\/h2>\n

According to blockchain data from glassnode<\/a>, reported by Arcane Research, the total sum of BTC held on exchanges totals 2.57 million Bitcoin.<\/p>\n

And while this is indeed a decrease of 375,000 BTC since Black Thursday<\/a>, the total number matches November 2018, just as Bitcoin fell to its bear market bottom of $3,200.<\/p>\n

\"btcusd<\/p>\n

BTCUSD November 2018 Versus September 2020 Same Bitcoin Exchange Supply | Source: TradingView<\/a><\/pre>\n
Could Bitcoin be about to take a similar plunge, or is this time different? For one, the last time the crypto asset held on exchanges reached this total, it was on the way up as more and more investors moved the asset to exchanges to sell it.<\/p>\n
This time around, the metric is coming back down, suggesting a pattern of holding behavior. Arcane Research notes<\/a> that as many as 100,000 BTC has moved into the Ethereum protocol<\/a>, which explains at least a quarter of the outflow.<\/p>\n
Related Reading | Beware: Bitcoin Price Action Mimics Market Maker Model<\/a><\/strong><\/em><\/p>\n
While this very well does match up with a level that led to a histric collapse in the past, the fact the stastic is falling not climbing could indicate that investors are indeed expecting higher prices. And with less BTC sitting on exchanges ready to be sold, the fewer chances exist for weak hands to panic sell at the first sign of danger.<\/p>\n
Featured image from DepositPhotos, Charts from TradingView and Arcane Research<\/pre>\n","protected":false},"excerpt":{"rendered":"
Several signs indicate that Bitcoin is potentially on the brink of a new bull market, and much higher prices are ahead. However, one seemingly bullish sign that investors are preparing for mark up, is actually at the same level as just prior to the collapse to the cryptocurrency’s bottom. Are looks this deceiving, and Bitcoin is about to take a similar plunge once again? Or is this potentially bullish signal the first real indication that the bull run is here? Investors Move BTC Off Of Crypto Exchanges At Hastening Rates Although Bitcoin is valuable to different people for many different reasons, chiefly, the asset’s valuation is derived from its digital scarcity. Valuation models like the stock-to-flow method look closely at the total BTC supply in relation to where it is in the asset’s market cycle and each block reward halving. This theory suggests that as the supply is reduced, demand rises, and so do prices. In advance of this expectation, crypto investors, particularly whales, have been moving their BTC off of exchanges and into privately owned wallets either through cold storage or on the web. Related Reading | \u201cIntense\u201d Bitcoin Whale Exchange Flow Could Be Behind Weekend Crash The crypto community has been high fives all around since this first began starting on Black Thursday, believing its a sign that more and more investors are holding for the long haul. But, this metric measuring how much BTC is held on exchanges is currently the same exact level that led to the November 2018 plummet to Bitcoin’s bear market bottom. If moving BTC off exchanges is a sign of a bull run beginning, then why did this level in the past trigger such a selloff? Total Supply Matches Bitcoin’s Worst Drop Yet: Why This Time Is Different According to blockchain data from glassnode, reported by Arcane Research, the total sum of BTC held on exchanges totals 2.57 million Bitcoin. And while this is indeed a decrease of 375,000 BTC since Black Thursday, the total number matches November 2018, just as Bitcoin fell to its bear market bottom of $3,200. BTCUSD November 2018 Versus September 2020 Same Bitcoin Exchange Supply | Source: TradingView Could Bitcoin be about to take a similar plunge, or is this time different? For one, the last time the crypto asset held on exchanges reached this total, it was on the way up as more and more investors moved the asset to exchanges to sell it. This time around, the metric is coming back down, suggesting a pattern of holding behavior. Arcane Research notes that as many as 100,000 BTC has moved into the Ethereum protocol, which explains at least a quarter of the outflow. Related Reading | Beware: Bitcoin Price Action Mimics Market Maker Model While this very well does match up with a level that led to a histric collapse in the past, the fact the stastic is falling not climbing could indicate that investors are indeed expecting higher prices. And with less BTC sitting on exchanges ready to be sold, the fewer chances exist for weak hands to panic sell at the first sign of danger. Featured image from DepositPhotos, Charts from TradingView and Arcane Research<\/p>\n","protected":false},"author":517,"featured_media":439341,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,12132,3,4],"tags":[428,1119,1144,82859,78790,6664,4524,76835],"class_list":["post-439322","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-blockchain","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdc","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nHow BTC Held On Exchanges Matches Bitcoin's Deadliest Drop Yet<\/title>\n<meta name=\"description\" content=\"Several signs indicate that Bitcoin is potentially on the brink of a new bull market, and much higher prices are ahead. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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