(BTC) Exchange Address Balances Falls to Three Year Low

[waybesuricata]

BeInCrypto takes a look at on-chain Bitcoin indicators, such as the BTC balances held on exchange addresses and the exchange net position change.

Both indicators show signs that have previously been associated with accumulation periods.

Bitcoin (BTC) exchange balance
The amount of BTC on exchange wallets has been decreasing since March 2020. At the time, 3,118,057 BTC (black circle) were held in these wallets. This is an all-time high value that still stands.

Initially, the indicator bounced in April (blue circle). This might have occurred as a result of holders transferring their bitcoins in order to sell them as a result of the sharp fall.

However, since the upward movement resumed in July, the indicator has been decreasing again.

On Nov 25, it reached a new low of 2,425,776 BTC. This is the lowest level since Sept 2018, when the price was trading near $70,000. The fact that BTC is being removed from exchange addresses most likely means that they are being transferred into cold storage.

This is often considered a sign of accumulation, showing conviction by holders.

Source and continuation of news: https://beincrypto.com/bitcoin-btc-exchange-address-balances-falls-three-year-low-btc-on-chain-analysis/

[codehash]

If all Bitcoins are withdrawn to wallets, there will be no selling pressure. Good news for Bitcoin. According to statistics, we are at the peak of the last 3 years. Another good period will come for Bitcoin. I am feeling. My expectations are forming. The expectation of 100 thousand dollars is gaining strength.