|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin (BTC) Exchange Reserves Drop as Investors Explore Alternative Custody Options
Sep 28, 2024 at 05:38 pm
Crypto entrepreneur Lark Davis recently shared a chart showing that the amount of Bitcoin (BTC) on Centralized Exchanges (CEXs) is dropping. Although there were a few upward fluctuations, the chart showed a consistent fall in exchanges’ Bitcoin Reserves since January 2024.
Crypto entrepreneur Lark Davis recently shared a chart showing that the amount of Bitcoin (BTC) on centralized exchanges (CEXs) is dropping.
Although there were a few upward fluctuations, the chart showed a consistent fall in exchanges’ Bitcoin reserves since January 2024.
Insights gathered from blockchain analytics platform CryptoQuant suggest that the plunge in exchange reserves corresponds with a surge in the coin’s price. Notably, the price of Bitcoin was $65,489.25 at the time of writing, having increased by 1.66% in the last 24 hours. To complement the upswing, the coin’s 7-day price gains have soared by 3.11%.
Consistent Drop in Bitcoin Exchange Reserves
Bitcoin exchange reserves dropped from approximately 3 million BTC in January to around 2.6 million BTC. Market observers noted that this level was last seen in November 2018.
An even larger drop was discovered in the yearly trend. About 430,000 BTC had reduced the reserves since the beginning of the year. There is a pattern to the Bitcoin reserve slump from 3 million BTC to 2.6 million BTC when the coin’s price was around $43,000.
However, amid the visible price surge, the exchange reserve dropped to 2.6 million BTC. This corresponds with more than a 13.3% drop in Bitcoin within nine months.
Bitcoin Investors Explore Alternative Custody Options
The plunge indicates that investors are pulling out their coins from exchanges. They are choosing to HODL, which is a unique trend in an accumulation phase.
These investors are likely opting for long-term storage in personal wallets. They are leaning towards long-term holding rather than short-term trading.
Often, this action is seen as a demonstration of strong confidence in the flagship cryptocurrency’s future price potential. It immediately reduces the coin’s supply available for trading. Potentially this sets the stage for a supply squeeze and a price surge.
The accumulation of Bitcoin by spot Bitcoin ETF products is also a major factor driving the reserve crunch.
Catalysts And Predictions For Bitcoin Price
In terms of Bitcoin price, the expectation was that the entrance of institutional investors through Bitcoin ETFs would boost it. For a moment, the coin’s price hit $73,750 for the first time in mid-March, but it was short-lived.
Bitcoin has not reached that level again in the last six months. However, crypto market analysts are hopeful that the coin will meet its next bull run before the end of this year.
Renowned YouTuber and analyst PlanB predicted that BTC might reach six figures before 2024 ends. He sees the coin surpassing $100,000 in value this year. He based his forecast on the recovery of mining revenue after the 2024 halving event.
Also, his Stock-to-Flow (S2F) model suggested that the firstborn digital currency may hit a price target of $500,000 within the next four years. The analyst predicts that the top of the Bitcoin bull market will be in 2025. According to him, there will be exponential returns until at least 50% adoption.
Similarly, Jack Dorsey, the former CEO of X, suggested that the price of Bitcoin could hit $1 million by 2030. Bitcoin will need a couple of catalysts to push the price to hit any of these predicted values.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- PEPE Price Aims For A Continued Rally As Pepe Unchained (PEPU) Raises Over $15.9 Million From Whales
- Sep 28, 2024 at 08:25 pm
- The Pepe price surged 15% in the last 24 hours to trade at $0.00001145 as of 10:48 a.m. EST on trading volume that soared 35% to $2.7 billion.
-
- Hamster Kombat Players Earn Just $10 Following Token Launch
- Sep 28, 2024 at 08:25 pm
- The $HMSTR token was launched at a price of ‘$0.0081’ and left most of the players high and dry with paltry returns from major exchanges like Binance and OKX today.
-
- New £1 coin featuring King Charles' face turns out to be made of gold and is now worth hundreds of pounds
- Sep 28, 2024 at 08:25 pm
- Diane Bath, who runs The Post Office in Broughton-in-Furness, Cumbria, took delivery of coins stamped with King Charles' face which turned out to be a goldmine.
-
- Rare 2p coin from 1983 could be worth more than £1,000 - do you have one in your wallet?
- Sep 28, 2024 at 08:25 pm
- Coin experts are urging Brits to check their wallets and coin jars for a valuable misprinted coin that could be worth more than £1,000.
-
- Hamster Kombat Airdrop: TON’s Historic Event Faces Mixed Results
- Sep 28, 2024 at 08:25 pm
- Since its release in March 2024, Hamster Kombat has amassed 300 million users. Even the team of TON tried its hardest to ensure smooth distribution and instant transactions with minimal fees by Mintless Jettons technology.
-
- Bitgert (BRISE): The Coin to Invest in for Record-High Profit Ahead of the Bull Season
- Sep 28, 2024 at 08:25 pm
- The Fed just gave a shocking 50bps interest rate cut, its first in four years. While this is already fueling a high spending frenzy among investors
-
- Rexas Finance (RXS): Is This the Next NEIRO?
- Sep 28, 2024 at 08:25 pm
- With the rapid changes in the field of cryptocurrencies, there is always the attempt to look for the next greatest thing. One such has been NEIRO
-
- Raboo ($RABT): The AI-Backed Meme Coin Ready to Skyrocket
- Sep 28, 2024 at 08:25 pm
- Two notable contenders in crypto, Toncoin and Jasmy, are in the spotlight. Both projects are garnering attention as investors look to position themselves for potential gains.
-
- Zilliqa (ZIL) May Continue Its Breakout, Altcoin Sherpa Tells Followers
- Sep 28, 2024 at 08:25 pm
- A closely followed crypto strategist and trader says one enterprise solutions project may have more upside potential. Pseudonymous analyst Altcoin Sherpa tells his 222