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Bitcoin exchange balance continues to drop and now sits at its lowest level in more than 3 years

Bitcoin exchange balance continues to drop and now sits at its lowest level in more than 3 years



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32 Comments

  1. my biggest gripe with on chain analysts is that they dont look at the data unbiased and always spin the data in a bullish way. look at the y axis in this thing. also why denominate it in BTC and not in $BTC value? because price has gone up 3x since january meaning that even though supply declined from 2.6M btc to 2.48M btc the dollar value of that btc is still about 3x higher.

    So the dollar value of BTC has tripled on exchanges.

    Now if you wanted to make this metric as unbiased as possible you’d take the $value chart and divide it by volume to see how liquidity changed. it would be ok for supply to increase on exchanges if liquidity increased as well showing a healthy demand for sold bitcoin.

    Considering getting a glassnode subscription to make a more unbiased analysis of the data than all the on chain moonboys try to sell.

  2. So a drop from ~2.68 to 2.48. That’s 0.2m or roughly 8%.

    Seems negligible to me. Bulls are still in the house and we’ll see an increase in price by the end of the year, but this chart isn’t an indicator of that imo.

  3. So they took unknown sum of real money and bought a digital currency, then the digital currency increased in value due to artificial scarcity and now people Think we have $150 billion in value.
    Where would the ~$150 billion come from if everyone tried to sell? This is going to end badly

    *convince me otherwise!

What do you think?

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