{"id":647277,"date":"2024-10-10T17:00:19","date_gmt":"2024-10-10T17:00:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=647277"},"modified":"2024-10-10T14:15:35","modified_gmt":"2024-10-10T14:15:35","slug":"bitcoin-investors-accumulate","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-investors-accumulate\/","title":{"rendered":"Bitcoin Investors Accumulate Almost $1 Billion In BTC As Exchange Reserves Falls Towards New Lows"},"content":{"rendered":"

Although the Bitcoin <\/span>price faces challenges<\/span><\/a> in breaking out significantly from its support level of $60,000, recent on-chain data reveals a <\/span>fascinating shift in sentiment<\/span><\/a> among Bitcoin enthusiasts. Despite the ongoing price corrections, it appears that long-term holders remain undeterred. In fact, about 15,917 BTC, valued at approximately $987 million, has been withdrawn from various cryptocurrency exchanges over the past week.<\/span><\/p>\n

Bitcoin Exits Crypto Exchanges In Droves<\/h2>\n

According to a <\/span>previous report by NewsBTC<\/span><\/a>, Bitcoin\u2019s recent dip to $60,000 can largely be attributed to the actions of short-term holders. On-chain data reveals that this particular group of traders decided to exit their positions after Bitcoin\u2019s performance failed to meet expectations in early October, further intensifying the selling pressure. However, long-term holders have taken full advantage of this increased selling pressure. Rather than follow the short-term market sentiment, many long-term investors seized the opportunity to add more Bitcoin to their portfolios.<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts Massive 8,400% Rise For XRP Price To $44, Calls It \u2018Conservative\u2019<\/a><\/div>\n

As data would have it, long-term holders seem to have capitalized on the selling pressure, with many of them taking the opportunity to add to their holdings. According to on-chain data <\/span>highlighted by<\/span><\/a> crypto analyst Ali Martinez, the Bitcoin reserves on cryptocurrency exchanges have been in a steady decline since October 3. On that day, the total Bitcoin balance across exchanges stood at 2.5825 million BTC. What\u2019s notable is that this figure was a result of several consecutive days of BTC inflows to exchanges, beginning on September 28 and continuing until October 3. During this time, the price of Bitcoin fell from $66,230 to $60,047, marking a decrease of about 9.3% as many traders sold on exchanges.<\/span><\/p>\n

However, in an interesting turn of events, long-term holders have seen this influx of BTC into exchanges as an opportunity to acquire more tokens. As a result, there has been a consistent decline in the total Bitcoin balance on exchanges since October 3. Numbers show that 15,917 BTC were withdrawn from exchanges between October 3 and the time of writing, bringing the total Bitcoin exchange reserve to about 2.5667 million BTC.<\/span><\/p>\n

What Does This Mean For Bitcoin?<\/h2>\n

The outflow of BTC from exchanges is generally seen as positive for the cryptocurrency’s price moving forward, as it reduces the amount of BTC available for sale. During this outflow period, Bitcoin retested the $64,000 price level on October 7. However, it has since reversed and is approaching the $60,000 price floor again.<\/span><\/p>\n

Related Reading: Standard Chartered Analysts Says Ethereum Price Will Reach $10,000 If This Happens<\/a><\/div>\n

As of the time of writing, Bitcoin is trading at $60,912, marking a 2.1% decline over the past 24 hours. This dip shows <\/span>the importance of long-term holders<\/span><\/a> and bullish investors continuing to accumulate BTC from exchanges. The onus now is on long-term holders to keep accumulating Bitcoin from exchanges in order to <\/span>help prevent further price declines.<\/span><\/a><\/p>\n

\"Bitcoin
BTC bears drag price down | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Although the Bitcoin price faces challenges in breaking out significantly from its support level of $60,000, recent on-chain data reveals a fascinating shift in sentiment among Bitcoin enthusiasts. Despite the ongoing price corrections, it appears that long-term holders remain undeterred. In fact, about 15,917 BTC, valued at approximately $987 million, has been withdrawn from various cryptocurrency exchanges over the past week. Bitcoin Exits Crypto Exchanges In Droves According to a previous report by NewsBTC, Bitcoin\u2019s recent dip to $60,000 can largely be attributed to the actions of short-term holders. On-chain data reveals that this particular group of traders decided to exit their positions after Bitcoin\u2019s performance failed to meet expectations in early October, further intensifying the selling pressure. However, long-term holders have taken full advantage of this increased selling pressure. Rather than follow the short-term market sentiment, many long-term investors seized the opportunity to add more Bitcoin to their portfolios. Related Reading: Crypto Analyst Predicts Massive 8,400% Rise For XRP Price To $44, Calls It \u2018Conservative\u2019 As data would have it, long-term holders seem to have capitalized on the selling pressure, with many of them taking the opportunity to add to their holdings. According to on-chain data highlighted by crypto analyst Ali Martinez, the Bitcoin reserves on cryptocurrency exchanges have been in a steady decline since October 3. On that day, the total Bitcoin balance across exchanges stood at 2.5825 million BTC. What\u2019s notable is that this figure was a result of several consecutive days of BTC inflows to exchanges, beginning on September 28 and continuing until October 3. During this time, the price of Bitcoin fell from $66,230 to $60,047, marking a decrease of about 9.3% as many traders sold on exchanges. However, in an interesting turn of events, long-term holders have seen this influx of BTC into exchanges as an opportunity to acquire more tokens. As a result, there has been a consistent decline in the total Bitcoin balance on exchanges since October 3. Numbers show that 15,917 BTC were withdrawn from exchanges between October 3 and the time of writing, bringing the total Bitcoin exchange reserve to about 2.5667 million BTC. What Does This Mean For Bitcoin? The outflow of BTC from exchanges is generally seen as positive for the cryptocurrency’s price moving forward, as it reduces the amount of BTC available for sale. During this outflow period, Bitcoin retested the $64,000 price level on October 7. However, it has since reversed and is approaching the $60,000 price floor again. Related Reading: Standard Chartered Analysts Says Ethereum Price Will Reach $10,000 If This Happens As of the time of writing, Bitcoin is trading at $60,912, marking a 2.1% decline over the past 24 hours. This dip shows the importance of long-term holders and bullish investors continuing to accumulate BTC from exchanges. The onus now is on long-term holders to keep accumulating Bitcoin from exchanges in order to help prevent further price declines. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":645514,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-647277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Investors Accumulate Almost $1 Billion In BTC As Exchange Reserves Falls Towards New Lows<\/title>\n<meta name=\"description\" content=\"Although the Bitcoin price faces challenges in breaking out significantly from its support level of $60,000, with a shift in sentiment.\" \/>\n<meta name=\"robots\" content=\"index, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Investors Accumulate Almost $1 Billion In BTC As Exchange Reserves Falls Towards New Lows","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-investors-accumulate\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-investors-accumulate\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/bitcoin_04f2f3.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/bitcoin_04f2f3.jpg?fit=1920%2C1280"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-10-10T17:00:19Z","datePublished":"2024-10-10T17:00:19Z","dateModified":"2024-10-10T17:00:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Investors Accumulate Almost $1 Billion In BTC As Exchange Reserves Falls Towards New Lows\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-investors-accumulate\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-investors-accumulate\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/bitcoin_04f2f3.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/bitcoin_04f2f3.jpg?fit=1920%2C1280\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-10-10T17:00:19Z\",\"datePublished\":\"2024-10-10T17:00:19Z\",\"dateModified\":\"2024-10-10T17:00:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/bitcoin_04f2f3.jpg?fit=1920%2C1280","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/647277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=647277"}],"version-history":[{"count":1,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/647277\/revisions"}],"predecessor-version":[{"id":647324,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/647277\/revisions\/647324"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/645514"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=647277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=647277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=647277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}