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Learning & News => News related to Crypto => Topic started by: sirty143 on January 05, 2024, 01:31:18 PM

Title: Crypto Exchanges Witness Bitcoin Deposit Boom Amidst Ethereum Retreat
Post by: sirty143 on January 05, 2024, 01:31:18 PM

Crypto Exchanges Witness Bitcoin Deposit Boom Amidst Ethereum Retreat

(https://i.imgur.com/RRYF81wm.jpg)

According to recent data, in the past month, the quantity of bitcoin residing in centralized cryptocurrency exchanges surged by 32,058 bitcoin. Concurrently, the ethereum reserves on these exchanges have diminished, with 262,904 ether, valued at $597.42 million, being withdrawn from trading platforms since Dec. 4, 2023. See more for yourself here (https://news.bitcoin.com/crypto-exchanges-witness-bitcoin-deposit-boom-amidst-ethereum-retreat/).

Your opinion is greatly appreciated.

Title: Re: Crypto Exchanges Witness Bitcoin Deposit Boom Amidst Ethereum Retreat
Post by: Fenix on January 05, 2024, 10:01:15 PM

The article provides only data on the growth in the number of Bitcoins on the three leading cryptocurrency exchanges and at the same time records a decrease in the number of Ethereum on them. However, there is no comment on why this happens.
Typically, if a lot of cryptocurrency is transferred to exchanges, it means its holders are preparing to sell it. And vice versa, if cryptocurrency goes from exchanges to wallets, then their holders have no intention of getting rid of them in the near future. It is possible that if spot ETFs are not approved on January 10, then it is assumed that after that Bitcoin may fall in price for some time. Far-sighted holders expect to sell them in this case and then buy them after the fall. Well, ethereum will increase in price this year in any case.