Recent data from CryptoQuant on August 7th indicates that a limited number of Bitcoin holders are transferring their coins away from centralized cryptocurrency exchanges such as Binance and Coinbase. Despite the recent increase in BTC prices, nearly reaching the $30,000 threshold, this trend persists.
Increased Bitcoin Holdings on Exchanges
As of July 28th, about 30,663 addresses withdrew their coins from exchanges, even though prices were relatively higher at around $28,000. This is a contrast to June 14th, when Bitcoin traded around $25,000, and 39,311 addresses moved their coins. On April 14th, with Bitcoin changing hands at roughly $30,000, a significant 132,237 addresses withdrew their coins from exchanges.
The reduction in the number of exchange addresses transferring coins to external, often non-custodial wallets could raise concerns, particularly during periods of rising prices.
BTCUSD
BUY LIMIT 29500 - 29300 💯💯
✅ TP1: 29900
✅ TP2: 30100
✅ TP3: 30300
🛑 SL: 29300
Increased Bitcoin Holdings on Exchanges
As of July 28th, about 30,663 addresses withdrew their coins from exchanges, even though prices were relatively higher at around $28,000. This is a contrast to June 14th, when Bitcoin traded around $25,000, and 39,311 addresses moved their coins. On April 14th, with Bitcoin changing hands at roughly $30,000, a significant 132,237 addresses withdrew their coins from exchanges.
The reduction in the number of exchange addresses transferring coins to external, often non-custodial wallets could raise concerns, particularly during periods of rising prices.
BTCUSD
BUY LIMIT 29500 - 29300 💯💯 ✅ TP1: 29900
✅ TP2: 30100
✅ TP3: 30300
🛑 SL: 29300
