{"id":461654,"date":"2021-04-20T20:00:37","date_gmt":"2021-04-20T20:00:37","guid":{"rendered":"https:\/\/ktsl888.com\/?p=461654"},"modified":"2024-06-11T13:55:07","modified_gmt":"2024-06-11T13:55:07","slug":"bitcoin-exchange-reserves-dwindling","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-exchange-reserves-dwindling\/","title":{"rendered":"Despite Deep Plunge, Bitcoin Exchange Reserves Keep Dwindling"},"content":{"rendered":"
After a record weekend liquidation, Bitcoin price<\/a> bounced back above $57,000 \u2013 gaining back approximately $3,000. At 14:21 GMT on Monday, the price of the coin was trading at $56,367, at a gain of 2.32% in the last 24 hours.<\/p>\n The Sunday fall saw about $9.79 billion bleed out of long positions getting “rekt,” making the weekend fall one of the biggest liquidation events in the entire history of crypto.<\/p>\n The sell-off has been attributed to several FUD including Coinbase founders selling their stock to the recent slump in Bitcoin hash rate<\/a>. However, the market seems to be gradually recovering and on-chain analysis shows that the bull run is far from over.<\/p>\n Crypto analyst, Jeff Dorman, noted<\/a> on Twitter yesterday:<\/p>\n<\/div>\n<\/div>\n Even with such a deep sell-off, it appears that exchange outflows continued. Binance exchange registered one of the highest outflows of Bitcoin on the day of the sell-off.<\/p>\n Coinbase Pro outflows, which have been the called the most bullish signal ever, keep on mounting. BTC is leaving the platform at a rate of roughly 10,000 or more per week each week since the bull market began.<\/p>\n <\/p>\n Since the current bull run began, Bitcoin has shown a similar pattern of “one step forward, two steps backward.” The king cryptocurrency has consistently experienced a sharp correction following every new ATH. After correction, it has spent 3-4 weeks in consolidation.<\/p>\n Last week, Bitcoin price<\/a> reached a new all-time high of $64,683. By the weekend, liquidation of high leveraged positions caused the price to plunge. Traders may have been over leveraged due to expectation of increased prices around the launch of the Coinbase Global listing on Nasdaq.<\/p>\n Related Reading | The Bearish Bitcoin Chart Bulls Definitely Don\u2019t Want To See<\/a><\/strong><\/em><\/p>\nHistoric Liquidations Send Prices Tumbling On Hash Rate FUD<\/h2>\n
A sharp selloff over the weekend liquidated almost $10 billion in longs | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The Bitcoin Bull Run Is Not Over<\/h2>\n