Bitcoin balance on exchanges drop to 2018 level amid massive BTC outflows


TL;DR Breakdown:

  • Bitcoin balance on exchanges has returned to the lowest level in July 2018 amid massive outflows. 
  • Active users on the Bitcoin network have risen by 30 percent to 325k users. 

Cryptopolitan recently reported a growing level of accumulation amongst deep-pocketed Bitcoin investors, which was subsequently drying up the Bitcoin balance on exchanges. Today, however, BTC balance on exchanges has dropped further to 2018 levels, following a massive number of outflows recorded in just the past few days. 

Massive BTC outflow is usually regarded as a bullish sign, as it results in more scarcity of BTC. 

Bitcoin balance on exchanges shrinks to July 2018 level

Bitcoin balance on all exchanges significantly dropped within the past days, reaching the lowest level last seen since July 2018, according to data shared by a crypto analyst, Will Clemente. He pointed out there have been massive outflows; at least 63.7k Bitcoin was moved off from crypto exchanges yesterday.