Crypto News – Intriguing changes in the Bitcoin (BTC) market over the past year have been revealed by a recent investigation by CryptoQuant.com. A notable development is the over 10% increase in Bitcoin reserves on non-US centralized exchanges (CEX), including Binance, OKX, and Bitfinex.
CryptoQuant Research Finds Bitcoin’s 10% Increase in Reserves Possible It to Dominate Non-US Exchanges
US CEXs, meanwhile, have experienced a steep fall of at least 30%, and in some cases, more than 50%, including Coinbase, Gemini, and Kraken. One exceptional month saw the withdrawal of 20,000 BTC from the Gemini exchange, or about 25% of the total. The information on wallet transactions and large withdrawals points to a recurring pattern of institutional BTC purchases.
Users Turned to the Futures Market
A persuasive picture is also presented by the futures market. Bitcoin contract positions have reached levels last seen in November 2022 as a result of participants’ dramatically increased involvement in derivatives. The BTC price experienced its largest long-term liquidation total since the FTX collapse in November 2022 in August, nevertheless, which precipitated a significant market decline.
The trend of US-based exchanges, on the other hand, has been unique. With certain exchanges experiencing even greater drops of up to 50% or more, BTC reserves have fallen by 30%.
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