{"id":409335,"date":"2023-06-19T14:50:06","date_gmt":"2023-06-19T14:50:06","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=409335"},"modified":"2023-06-19T15:00:47","modified_gmt":"2023-06-19T15:00:47","slug":"bitcoin-balance-on-exchanges-drops-to-3-month-low-indicates-rising-investor-confidence","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-balance-on-exchanges-drops-to-3-month-low-indicates-rising-investor-confidence","title":{"rendered":"Bitcoin Balance on Exchanges Drops to 3-Month Low, Indicates Rising Investor Confidence"},"content":{"rendered":"

In recent news, the amount of Bitcoin balance held on cryptocurrency exchanges has experienced a significant decline, reaching a three-month low.\u00a0<\/span><\/p>\n

Data by a prominent blockchain analytics firm, <\/span>Glassnode<\/span><\/a>, reveals that the balance of Bitcoin on exchanges has dropped to 2,281,978.198 BTC, slightly below the previous low observed on June 17.\u00a0<\/span><\/p>\n

This development indicates a growing trend among investors choosing to withdraw their Bitcoin from exchanges, showcasing a rising confidence level in holding the cryptocurrency outside these platforms.<\/span><\/p>\n

Bitcoin Reserves on Exchanges Plummet Amid Regulatory Pressure<\/h2>\n

Recently, there have been regulatory challenges for Binance and Coinbase, the two biggest cryptocurrency exchanges in the world.\u00a0<\/span>The firms are facing lawsuits from the U.S. Securities and Exchange Commission (SEC). <\/span><\/p>\n

This has increased the attention on the cryptocurrency market, which is not strongly regulated. <\/span>The lawsuits have caused worry among crypto investors, leading to the movement of Bitcoin holdings away from exchanges.\u00a0<\/span><\/p>\n

This shift may involve transferring the Bitcoin into private wallets to keep them safe and secure. <\/span>Notably, the daily on-chain exchange flow witnessed a net outflow of $56.3 million worth of Bitcoin.\u00a0<\/span><\/p>\n

This suggests that more Bitcoin is being withdrawn from exchanges than deposited, reflecting a preference among investors to hold their assets in personal wallets during this uncertain time.<\/span><\/p>\n

Along with the reduction in Bitcoin held on exchanges, the amount of Bitcoin that was last used or moved between one and two years ago has experienced a sharp increase recently.\u00a0<\/span>This amount has reached its highest level in the past month, totaling 2,582,043.952 BTC.\u00a0<\/span><\/p>\n

Moreover, the percentage of <\/span>Bitcoin supply<\/span><\/a> last used or moved over two years ago has reached its highest level ever, standing at 40.083%.\u00a0<\/span>This means a significant portion of the total Bitcoin supply has remained inactive for a long time.\u00a0<\/span><\/p>\n

It suggests that more people are holding onto Bitcoin balance rather than actively trading it, often associated with positive sentiment and optimism about its long-term prospects.<\/span><\/p>\n

This particular metric is frequently utilized to assess how investors behave and gauge their sentiment towards the cryptocurrency.<\/a><\/span><\/p>\n

Bitcoin ‘Wholecoiners’ Surpass 1 Million Milestone<\/h2>\n

Another intriguing development within the Bitcoin ecosystem is the surge in Wholecoiners, the addresses holding at least one whole Bitcoin (BTC).<\/span><\/p>\n

According to a <\/span>tweet<\/span><\/a> from the co-founder of Glassnode, Rafael Schultze-Kraft, the number of addresses holding BTC has hit a milestone of one million.<\/span><\/p>\n

This trend indicates that more people or organizations are collecting Bitcoin<\/a>, even though its price is relatively high. <\/span>Owning a whole Bitcoin is significant because the total supply of Bitcoin is limited to 21 million coins.<\/span><\/p>\n

Read more:\u00a0<\/strong><\/p>\n