{"id":541540,"date":"2023-07-06T12:37:15","date_gmt":"2023-07-06T12:37:15","guid":{"rendered":"https:\/\/wncen.com\/?p=541540"},"modified":"2024-06-11T08:07:21","modified_gmt":"2024-06-11T08:07:21","slug":"bitcoin-exchange-supply-slip-holders-interested-selling","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-exchange-supply-slip-holders-interested-selling\/","title":{"rendered":"Bitcoin Exchange Supply Continues To Slip, Holders Not Interested In Selling?"},"content":{"rendered":"

On-chain data shows that the Bitcoin exchange supply has only continued to decline despite the recent rally that the asset has observed.<\/p>\n

Bitcoin Exchange Supply Continues To Register Net Decline<\/h2>\n

According to data from the on-chain analytics firm Glassnode<\/a>, exchanges have continued to see withdrawals recently. The indicator of interest here is the “exchange balance<\/a>,” which measures the total amount of Bitcoin that’s currently sitting in the wallets of all centralized exchanges.<\/p>\n

When the value of this metric goes up, it means that the investors are depositing a net number of coins to these platforms currently. As one of the main reasons why holders may transfer their BTC to exchanges is for selling-related purposes, this kind of trend can have short-term bearish consequences for the price.<\/p>\n

On the other hand, decreasing values of the indicator imply a net amount of the supply is leaving from the exchanges. Such a trend, when prolonged, can be a sign that the investors are accumulating at the moment. Naturally, this could be constructive for the cryptocurrency’s price.<\/p>\n

Now, here is a chart that shows the trend in the Bitcoin exchange balance over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been going downhill in recent days | Source: Glassnode on Twitter<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin exchange balance had been in an overall uptrend during 2018 and 2019, but with the COVID crash<\/a> in March 2020, a shift happened in the market and the indicator started moving in a downward trajectory.<\/p>\n
There was a break in this trend during the 2021 bull run, as the metric mostly moved sideways, with some increases coming near the top of the rallies. This deviation in the trend was possibly a result of investors depositing to take advantage of the profit-taking opportunity.<\/p>\n
Related Reading: 75% Of Bitcoin Supply Now In Profit, Will A Drop Happen Here?<\/a><\/div>\n
With the end of the bull market and the transition toward a bearish period, though, the indicator resumed its decline. Events like the 3AC Collapse and the FTX Crash saw the exchange balance dropping especially hard, as these platforms going down made investors more wary of keeping their coins in centralized custody.<\/p>\n
With the start of the Bitcoin rally this year, however, the metric once again started moving sideways as demand for selling returned. In the leadup to the local top in April, exchanges were receiving net deposits as their supply outright registered an increase.<\/p>\n
Interestingly, while investors were looking to sell during the price surge back then, the latest uplift in the price above the $30,000 level<\/a> has actually seen the exchange balance only decline further.<\/p>\n
This trend of net withdrawals can be a sign that there isn’t much appetite for selling in the market currently, at least when compared to the demand for taking coins to self-custody.<\/p>\n
Related Reading: Solana Registers 20% Rise In Past Week, But Can SOL Keep This Up?<\/a><\/div>\n
With the latest drawdown, the Bitcoin exchange balance has dropped to 2.26 million BTC, which is the lowest the indicator has been since way back in March 2018.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $30,700, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the asset has gone stale recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that the Bitcoin exchange supply has only continued to decline despite the recent rally that the asset has observed. Bitcoin Exchange Supply Continues To Register Net Decline According to data from the on-chain analytics firm Glassnode, exchanges have continued to see withdrawals recently. The indicator of interest here is the “exchange balance,” which measures the total amount of Bitcoin that’s currently sitting in the wallets of all centralized exchanges. When the value of this metric goes up, it means that the investors are depositing a net number of coins to these platforms currently. As one of the main reasons why holders may transfer their BTC to exchanges is for selling-related purposes, this kind of trend can have short-term bearish consequences for the price. On the other hand, decreasing values of the indicator imply a net amount of the supply is leaving from the exchanges. Such a trend, when prolonged, can be a sign that the investors are accumulating at the moment. Naturally, this could be constructive for the cryptocurrency’s price. Now, here is a chart that shows the trend in the Bitcoin exchange balance over the last few years: The value of the metric seems to have been going downhill in recent days | Source: Glassnode on Twitter As displayed in the above graph, the Bitcoin exchange balance had been in an overall uptrend during 2018 and 2019, but with the COVID crash in March 2020, a shift happened in the market and the indicator started moving in a downward trajectory. There was a break in this trend during the 2021 bull run, as the metric mostly moved sideways, with some increases coming near the top of the rallies. This deviation in the trend was possibly a result of investors depositing to take advantage of the profit-taking opportunity. Related Reading: 75% Of Bitcoin Supply Now In Profit, Will A Drop Happen Here? With the end of the bull market and the transition toward a bearish period, though, the indicator resumed its decline. Events like the 3AC Collapse and the FTX Crash saw the exchange balance dropping especially hard, as these platforms going down made investors more wary of keeping their coins in centralized custody. With the start of the Bitcoin rally this year, however, the metric once again started moving sideways as demand for selling returned. In the leadup to the local top in April, exchanges were receiving net deposits as their supply outright registered an increase. Interestingly, while investors were looking to sell during the price surge back then, the latest uplift in the price above the $30,000 level has actually seen the exchange balance only decline further. This trend of net withdrawals can be a sign that there isn’t much appetite for selling in the market currently, at least when compared to the demand for taking coins to self-custody. Related Reading: Solana Registers 20% Rise In Past Week, But Can SOL Keep This Up? With the latest drawdown, the Bitcoin exchange balance has dropped to 2.26 million BTC, which is the lowest the indicator has been since way back in March 2018. BTC Price At the time of writing, Bitcoin is trading around $30,700, up 1% in the last week. Looks like the asset has gone stale recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":541547,"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":[428,85003,87375,1119,1144],"class_list":["post-541540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-supply","tag-bitcoin-selling","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Exchange Supply Continues To Slip, Holders Not Interested In Selling?<\/title>\n<meta name=\"description\" content=\"On-chain data shows the Bitcoin exchange supply has only continued to decline despite the recent rally that the asset has observed.\" \/>\n<meta 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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:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Exchange Supply Continues To Slip, Holders Not Interested In Selling?","url":"http:\/\/wncen.com\/news\/bitcoin-exchange-supply-slip-holders-interested-selling\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-exchange-supply-slip-holders-interested-selling\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/kanchanara-WrP_TBcstU0-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/kanchanara-WrP_TBcstU0-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin exchange supply","bitcoin selling","btc","btcusd"],"dateCreated":"2023-07-06T12:37:15Z","datePublished":"2023-07-06T12:37:15Z","dateModified":"2024-06-11T08:07:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Exchange Supply Continues To Slip, Holders Not Interested In Selling?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-exchange-supply-slip-holders-interested-selling\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-exchange-supply-slip-holders-interested-selling\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/kanchanara-WrP_TBcstU0-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/kanchanara-WrP_TBcstU0-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin exchange supply\",\"bitcoin selling\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-07-06T12:37:15Z\",\"datePublished\":\"2023-07-06T12:37:15Z\",\"dateModified\":\"2024-06-11T08:07:21Z\"}<\/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\/2023\/07\/kanchanara-WrP_TBcstU0-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/541540"}],"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\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=541540"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/541540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/541547"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=541540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=541540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=541540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}