Bitcoin exchange balances decline to five-year low, major outflows from Binance and Coinbase signal long-term holding strategies
Onchain Highlights
DEFINITION: Balances on exchanges are the total amount of coins held on exchange addresses.
Bitcoin’s balance on exchanges has continued its downward trend, reaching a significant low. As of the latest data, the total balance on exchanges has dropped below 2.3 million BTC, a level not seen since March 2018. Substantial outflows from major exchanges like Binance and Coinbase are primarily driving this shift, signaling a possible change in investor sentiment toward long-term holding strategies.
Exchange Balance: (Source: Glassnode)
Binance, the exchange with the largest Bitcoin reserves, has seen large withdrawals of BTC in the past twelve months. Similarly, Coinbase recorded the third-largest outflow of 2024, with nearly 16,000 BTC being moved out in a single day. This pattern of outflows suggests that large-scale holders, “whales,” are moving their assets to private wallets, possibly in anticipation of future price increases.
Exchange Balance: (Source: Glassnode)
These trends reflect a broader market sentiment where investors might be preparing for a bullish phase in Bitcoin’s price trajectory by reducing the available supply on exchanges, which could exert upward pressure on prices in the near future.
The post Bitcoin exchange balances decline to five-year low, major outflows from Binance and Coinbase signal long-term holding strategies appeared first on CryptoSlate.
Onchain Highlights DEFINITION: Balances on exchanges are the total amount of coins held on exchange addresses. Bitcoin’s balance on exchanges has continued its downward trend, reaching a significant low. As of the latest data, the total balance on exchanges has dropped below 2.3 million BTC, a level not seen since March 2018. Substantial outflows from
The post Bitcoin exchange balances decline to five-year low, major outflows from Binance and Coinbase signal long-term holding strategies appeared first on CryptoSlate.