{"id":653369,"date":"2024-11-16T08:30:40","date_gmt":"2024-11-16T08:30:40","guid":{"rendered":"https:\/\/ktsl888.com\/?p=653369"},"modified":"2024-11-15T15:52:38","modified_gmt":"2024-11-15T15:52:38","slug":"bitcoin-exchange-reserves-hit-5-year-low-what-does-this-signal","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-exchange-reserves-hit-5-year-low-what-does-this-signal\/","title":{"rendered":"Bitcoin Exchange Reserves Hit 5-Year Low\u2014What Does This Signal?"},"content":{"rendered":"

The Bitcoin market appears to have taken an intriguing turn as the asset’s reserves on centralized exchanges have hit the lowest levels since November 2018.<\/p>\n

This development, highlighted<\/a> by a CryptoQuant analyst known as G a a h, points out a notable change in BTC’s investor behavior within the crypto space and also suggests quite an interesting trend for Bitcoin.<\/p>\n

Related Reading: Bitcoin Crosses $93,000 \u2013 Is There More Room for Gains or Are We Nearing a Peak?<\/a><\/div>\n

Bitcoin Reserves On Exchanges Reach Five-Year Low<\/h2>\n

According to the analyst, Bitcoin reserves on exchanges have diminished significantly throughout 2024, reflecting a shift towards long-term holding strategies<\/a> among market participants.<\/p>\n

\"Bitcoin
Bitcoin (BTC) exchange reserve. | Source: CryptoQuant<\/figcaption><\/figure>\n

This trend suggests that investors increasingly\u00a0transfer<\/a><\/span>\u00a0their assets to private wallets<\/a>, reducing the supply available for immediate sale and contributing to buying pressure in a market already constrained by supply.<\/p>\n

According to G a a h, this behavior indicates a broader sentiment shift, with market participants displaying increased confidence in Bitcoin as a store of value amidst “economic uncertainty and rising inflation.”<\/p>\n

By moving Bitcoin away from exchanges, investors reduce the likelihood of sudden sell-offs, which can lead to increased price stability. However, the reduced supply on exchanges may also lead to heightened volatility<\/a>, especially if demand continues to grow or remains consistent.<\/p>\n

The CryptoQuant analyst noted:<\/p>\n

With that said, this scenario signals a potentially more volatile but more resilient Bitcoin market, with less selling pressure and a growing dominance of long-term holders, which could open up space for new price peaks.<\/p><\/blockquote>\n

BTC’s Upward Momentum Cools Off<\/h2>\n

Following an\u00a0all-time high (ATH) of $93,477<\/a> on Wednesday, November 13, BTC has\u00a0<\/span>faced quite a noticeable correction, now down by 4% from this peak. So far, the asset has been unable to continue its upward momentum and appears to be seeing more sell-offs.<\/p>\n

\"Bitcoin
BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

When writing, Bitcoin trades below $90,000 with a current trading price of $89,779, down by 1.4% in the past day. This price decline resulted in roughly $49 billion subtracted from its market capitalization valuation on Wednesday.<\/p>\n

For context, as of today, BTC’s market cap sits at $1.775 trillion, a nearly 5% decrease from the $1.835 trillion valuation two days ago. Bitcoin’s daily trading volume<\/a> dropped from over $100 billion earlier this week to below $85 billion.<\/p>\n

Related Reading: Binance Dominates As Bitcoin Futures Volume Hits New Peaks Amid Historic Price Rally<\/a><\/div>\n

Besides the implications on its market cap and trading volume, BTC’s decline has significantly impacted a handful of traders. According to data<\/a> from Coinglass, in the past 24 hours alone, roughly 170,215 traders have been liquidated, bringing the total liquidations in the crypto market to $510.13 million.<\/p>\n

\"Total
Total liquidation in the crypto market. | Source: Coinglass<\/figcaption><\/figure>\n

Out of these total liquidations, Bitcoin accounts for $132.43 million, with the majority of the liquidations coming from long positions\u2014those who bet that the upward momentum would continue.<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin market appears to have taken an intriguing turn as the asset’s reserves on centralized exchanges have hit the lowest levels since November 2018. This development, highlighted by a CryptoQuant analyst known as G a a h, points out a notable change in BTC’s investor behavior within the crypto space and also suggests quite an interesting trend for Bitcoin. Related Reading: Bitcoin Crosses $93,000 \u2013 Is There More Room for Gains or Are We Nearing a Peak? Bitcoin Reserves On Exchanges Reach Five-Year Low According to the analyst, Bitcoin reserves on exchanges have diminished significantly throughout 2024, reflecting a shift towards long-term holding strategies among market participants. This trend suggests that investors increasingly\u00a0transfer\u00a0their assets to private wallets, reducing the supply available for immediate sale and contributing to buying pressure in a market already constrained by supply. According to G a a h, this behavior indicates a broader sentiment shift, with market participants displaying increased confidence in Bitcoin as a store of value amidst “economic uncertainty and rising inflation.” By moving Bitcoin away from exchanges, investors reduce the likelihood of sudden sell-offs, which can lead to increased price stability. However, the reduced supply on exchanges may also lead to heightened volatility, especially if demand continues to grow or remains consistent. The CryptoQuant analyst noted: With that said, this scenario signals a potentially more volatile but more resilient Bitcoin market, with less selling pressure and a growing dominance of long-term holders, which could open up space for new price peaks. BTC’s Upward Momentum Cools Off Following an\u00a0all-time high (ATH) of $93,477 on Wednesday, November 13, BTC has\u00a0faced quite a noticeable correction, now down by 4% from this peak. So far, the asset has been unable to continue its upward momentum and appears to be seeing more sell-offs. When writing, Bitcoin trades below $90,000 with a current trading price of $89,779, down by 1.4% in the past day. This price decline resulted in roughly $49 billion subtracted from its market capitalization valuation on Wednesday. For context, as of today, BTC’s market cap sits at $1.775 trillion, a nearly 5% decrease from the $1.835 trillion valuation two days ago. Bitcoin’s daily trading volume dropped from over $100 billion earlier this week to below $85 billion. Related Reading: Binance Dominates As Bitcoin Futures Volume Hits New Peaks Amid Historic Price Rally Besides the implications on its market cap and trading volume, BTC’s decline has significantly impacted a handful of traders. According to data from Coinglass, in the past 24 hours alone, roughly 170,215 traders have been liquidated, bringing the total liquidations in the crypto market to $510.13 million. Out of these total liquidations, Bitcoin accounts for $132.43 million, with the majority of the liquidations coming from long positions\u2014those who bet that the upward momentum would continue. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":653373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,679,680,1119,78790,6664,10923,83531],"class_list":["post-653369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-bitcoin-price-analysis","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\nBitcoin Exchange Reserves Hit 5-Year Low\u2014What Does This Signal?<\/title>\n<meta name=\"description\" content=\"The Bitcoin market appears to have now taken an intriguing turn as the asset's reserves on centralized exchanges hit the lowest levels...\" \/>\n<meta name=\"robots\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Exchange Reserves Hit 5-Year Low\u2014What Does This Signal?","url":"http:\/\/ktsl888.com\/bitcoin-news\/bitcoin-exchange-reserves-hit-5-year-low-what-does-this-signal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/bitcoin-news\/bitcoin-exchange-reserves-hit-5-year-low-what-does-this-signal\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/11\/DALL\u00b7E-2024-11-15-15.41.48-A-digital-illustration-showing-Bitcoin-exchange-reserves-at-a-5-year-low-symbolized-by-empty-shelves-or-declining-inventory-in-a-futuristic-exchange-.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/11\/DALL\u00b7E-2024-11-15-15.41.48-A-digital-illustration-showing-Bitcoin-exchange-reserves-at-a-5-year-low-symbolized-by-empty-shelves-or-declining-inventory-in-a-futuristic-exchange-.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin price","bitcoin price analysis","btc","btcusdt","crypto","crypto market","cryptoquant"],"dateCreated":"2024-11-16T08:30:40Z","datePublished":"2024-11-16T08:30:40Z","dateModified":"2024-11-16T08:30:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Exchange Reserves Hit 5-Year Low\\u2014What Does This Signal?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/bitcoin-exchange-reserves-hit-5-year-low-what-does-this-signal\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/bitcoin-news\\\/bitcoin-exchange-reserves-hit-5-year-low-what-does-this-signal\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/DALL\\u00b7E-2024-11-15-15.41.48-A-digital-illustration-showing-Bitcoin-exchange-reserves-at-a-5-year-low-symbolized-by-empty-shelves-or-declining-inventory-in-a-futuristic-exchange-.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/DALL\\u00b7E-2024-11-15-15.41.48-A-digital-illustration-showing-Bitcoin-exchange-reserves-at-a-5-year-low-symbolized-by-empty-shelves-or-declining-inventory-in-a-futuristic-exchange-.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin price\",\"bitcoin price analysis\",\"btc\",\"btcusdt\",\"crypto\",\"crypto market\",\"cryptoquant\"],\"dateCreated\":\"2024-11-16T08:30:40Z\",\"datePublished\":\"2024-11-16T08:30:40Z\",\"dateModified\":\"2024-11-16T08:30:40Z\"}<\/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\/11\/DALL\u00b7E-2024-11-15-15.41.48-A-digital-illustration-showing-Bitcoin-exchange-reserves-at-a-5-year-low-symbolized-by-empty-shelves-or-declining-inventory-in-a-futuristic-exchange-.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/653369","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\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=653369"}],"version-history":[{"count":3,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/653369\/revisions"}],"predecessor-version":[{"id":653382,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/653369\/revisions\/653382"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/653373"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=653369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=653369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=653369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}