{"id":510526,"date":"2022-11-29T20:16:44","date_gmt":"2022-11-29T20:16:44","guid":{"rendered":"https:\/\/wncen.com\/?p=510526"},"modified":"2024-06-11T14:28:38","modified_gmt":"2024-06-11T14:28:38","slug":"bitcoin-on-exchanges-keeps-sliding-1-million-btc-pulled-from-these-platforms","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-on-exchanges-keeps-sliding-1-million-btc-pulled-from-these-platforms\/","title":{"rendered":"Bitcoin On Exchanges Keeps Sliding, 1 Million BTC Pulled From These Platforms"},"content":{"rendered":"

Bitcoin is trending sideways in its current range, the cryptocurrency managed to prevent a fresh assault from the bears, but uncertainty remains strong in the market. This status quo supports the price action, and it could operate as the dominant trend for the remaining of the year.\u00a0<\/span><\/strong><\/p>\n

Related Reading: What\u2019s Next As Algorand Price Remains Congested<\/a><\/div>\n

As of this writing, Bitcoin trades at $16,400. The cryptocurrency has been stuck at these levels for today\u2019s trading session after re-testing its yearly lows yesterday. In the wake of FTX\u2019s collapse, crypto users have lost confidence. This could have a long-lasting impact on the nascent asset class.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Holders Flee From Exchanges<\/h2>\n

Data from crypto exchange Bitfinex indicates that users are withdrawing their Bitcoin from exchanges en masse. The FTX\u2019s collapse triggered a massive BTC outflow from trading venues; investors fear losing their funds in the contagion.\u00a0<\/span><\/p>\n

The chart below shows that exchanges\u2019 BTC supply has decreased since mid-2021. This trend steeped in 2022 as the crypto market crashed, and Bitcoin lost over 80% of its value from its all-time high of $69,000.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: Glassnode via Bitfinex<\/figcaption><\/figure>\n

Less Bitcoin on trading venues is a good thing in a different market. Market participants perceived this as a bullish sign as people and institutions can\u2019t sell their BTC. Thus, bullish price momentum has fewer chances of meeting resistance.\u00a0<\/span><\/p>\n

However, the current market conditions are different. The decline of Bitcoin supply on exchanges might indicate troubles for the crypto market.\u00a0<\/span><\/p>\n

As Bitfinex noted, crypto exchange Gemini has seen the most significant decline in its BTC supply. The exchange saw its Bitcoin reserves drop from 210,000 BTC to 163,000 in one week. Overall, trading venues lost over 1 million BTC in the past month. The report claims:<\/span><\/p>\n

This data suggests that a mass exodus of retail off centralised exchanges is underway. Every development that suggests that a particular exchange is in trouble is a catalyst for depleting balances on exchanges. This trend has been in place since FTX insolvency rumours first emerged.<\/p><\/blockquote>\n

Throwing In The Towel<\/h3>\n

In addition, to the decline in the BTC supply, the report noted discouragement among retail investors. These users might leave the crypto space for good after taking a blow on FTX.\u00a0<\/span><\/p>\n

Related Reading: Celo Sees 20% Gains In Last Week As The Broader Crypto Market Retreats<\/a><\/div>\n

The report noted no spike in self-custody wallet balances, as measured by monitor Whalemap. The report noted:<\/span><\/p>\n

Whale (1-10k BTC balance) bubbles serve as local support and resistance, however, BTC whales have been selling, and their current wallet balances do not compensate for the exchange outflows (\u2026). The takeaway for investors is that even though one might consider the numerous black swan events to be behind us, selling pressure from HODLers and whales is still increasing.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is trending sideways in its current range, the cryptocurrency managed to prevent a fresh assault from the bears, but uncertainty remains strong in the market. This status quo supports the price action, and it could operate as the dominant trend for the remaining of the year.\u00a0 Related Reading: What\u2019s Next As Algorand Price Remains Congested As of this writing, Bitcoin trades at $16,400. The cryptocurrency has been stuck at these levels for today\u2019s trading session after re-testing its yearly lows yesterday. In the wake of FTX\u2019s collapse, crypto users have lost confidence. This could have a long-lasting impact on the nascent asset class.\u00a0 Bitcoin Holders Flee From Exchanges Data from crypto exchange Bitfinex indicates that users are withdrawing their Bitcoin from exchanges en masse. The FTX\u2019s collapse triggered a massive BTC outflow from trading venues; investors fear losing their funds in the contagion.\u00a0 The chart below shows that exchanges\u2019 BTC supply has decreased since mid-2021. This trend steeped in 2022 as the crypto market crashed, and Bitcoin lost over 80% of its value from its all-time high of $69,000.\u00a0 Less Bitcoin on trading venues is a good thing in a different market. Market participants perceived this as a bullish sign as people and institutions can\u2019t sell their BTC. Thus, bullish price momentum has fewer chances of meeting resistance.\u00a0 However, the current market conditions are different. The decline of Bitcoin supply on exchanges might indicate troubles for the crypto market.\u00a0 As Bitfinex noted, crypto exchange Gemini has seen the most significant decline in its BTC supply. The exchange saw its Bitcoin reserves drop from 210,000 BTC to 163,000 in one week. Overall, trading venues lost over 1 million BTC in the past month. The report claims: This data suggests that a mass exodus of retail off centralised exchanges is underway. Every development that suggests that a particular exchange is in trouble is a catalyst for depleting balances on exchanges. This trend has been in place since FTX insolvency rumours first emerged. Throwing In The Towel In addition, to the decline in the BTC supply, the report noted discouragement among retail investors. These users might leave the crypto space for good after taking a blow on FTX.\u00a0 Related Reading: Celo Sees 20% Gains In Last Week As The Broader Crypto Market Retreats The report noted no spike in self-custody wallet balances, as measured by monitor Whalemap. The report noted: Whale (1-10k BTC balance) bubbles serve as local support and resistance, however, BTC whales have been selling, and their current wallet balances do not compensate for the exchange outflows (\u2026). The takeaway for investors is that even though one might consider the numerous black swan events to be behind us, selling pressure from HODLers and whales is still increasing.<\/p>\n","protected":false},"author":535,"featured_media":508693,"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":[428,1119,78790],"class_list":["post-510526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin On Exchanges Keeps Sliding, 1 Million BTC Pulled From These Platforms<\/title>\n<meta name=\"description\" content=\"Bitcoin is trending sideways, the cryptocurrency managed to prevent a fresh assault from the bears, but uncertainty is strong in the market.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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Marquez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","caption":"Reynaldo Marquez"},"description":"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin On Exchanges Keeps Sliding, 1 Million BTC Pulled From These Platforms","url":"http:\/\/wncen.com\/news\/bitcoin-on-exchanges-keeps-sliding-1-million-btc-pulled-from-these-platforms\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-on-exchanges-keeps-sliding-1-million-btc-pulled-from-these-platforms\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/cryptocurrency-gb648da8cb_1280.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/cryptocurrency-gb648da8cb_1280.jpg?fit=1280%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-11-29T20:16:44Z","datePublished":"2022-11-29T20:16:44Z","dateModified":"2024-06-11T14:28:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin On Exchanges Keeps Sliding, 1 Million BTC Pulled From These Platforms\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-on-exchanges-keeps-sliding-1-million-btc-pulled-from-these-platforms\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-on-exchanges-keeps-sliding-1-million-btc-pulled-from-these-platforms\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/cryptocurrency-gb648da8cb_1280.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/cryptocurrency-gb648da8cb_1280.jpg?fit=1280%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-11-29T20:16:44Z\",\"datePublished\":\"2022-11-29T20:16:44Z\",\"dateModified\":\"2024-06-11T14:28:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/11\/cryptocurrency-gb648da8cb_1280.jpg?fit=1280%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/510526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=510526"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/510526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/508693"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=510526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=510526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=510526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}