Summary
- It was reported that the Bitcoin balance held by exchanges has reached its lowest level in three years.
- This raises the possibility of a supply shock due to institutional demand.
- Moving Bitcoin from exchanges to wallets is interpreted as a long-term holding strategy in anticipation of a price increase.
The balance of Bitcoin (BTC) held by cryptocurrency exchanges has reached its lowest level in three years.
On the 10th (local time), Cointelegraph reported, "The Bitcoin balance held by exchanges has reached its lowest level since 2022," adding, "Considering institutional demand, a supply shock for Bitcoin may occur." According to CryptoQuant data, the Bitcoin balance across all exchanges has reached 2.5 million BTC, the lowest level in three years.
A decrease in the number of Bitcoins held by exchanges is generally interpreted as investors moving Bitcoin to their wallets for long-term holding, believing in a price increase.
As of 11:54 PM, Bitcoin is trading at $97,091 on the Binance USDT market, down 0.29% from 24 hours ago.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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