{"id":648483,"date":"2024-10-17T21:00:10","date_gmt":"2024-10-17T21:00:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=648483"},"modified":"2024-10-17T11:55:54","modified_gmt":"2024-10-17T11:55:54","slug":"btc-exchanges-bitcoin-price","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/btc-exchanges-bitcoin-price\/","title":{"rendered":"BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here&#8217;s What It Means For Bitcoin Price"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The Bitcoin price has already been up by 10% in the past seven days, breaking above the $67,000 mark again in the last few hours. The Coinmarketcap Fear And Greed Index has <\/span><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-extreme-greed-nearly-here-lead-top\/\"><span style=\"font-weight: 400\">now switched to greed<\/span><\/a><span style=\"font-weight: 400\"> in light of recent buying momentum and is showing no signs of slowing down.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/institutions-pile-into-bitcoin-as-retail-sells-a-bullish-signal-for-the-market\/\"><span style=\"font-weight: 400\">buying pressure on Bitcoin <\/span><\/a><span style=\"font-weight: 400\">has been so great in the past few days, leading to a huge decline in the number of BTC available on crypto exchanges. According to on-chain data, this has caused the Bitcoin exchange reserve to drop to its lowest point in five years.<\/span><\/p>\n<h2>BTC Exchange Reserve Drop to 5-Year Low<\/h2>\n<p><span style=\"font-weight: 400\">Over the past few days, the demand for Bitcoin has outweighed its supply, leading to a sharp decline in the exchange reserves. According to CryptoQuant data reposted on social media platform X by crypto analyst Ali Martinez, the number of BTC held on exchanges is now at a five-year low of 2.6 million BTC.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/solana\/bull-flag-solana-price-1400\/\">Crypto Analyst Identifies Bull Flag That Could Send Solana Price To $1,400<\/a><\/div>\n<p><span style=\"font-weight: 400\">Martinez&#8217;s <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/93734815\" rel=\"nofollow\"><span style=\"font-weight: 400\">chart reveals<\/span><\/a><span style=\"font-weight: 400\"> an intriguing trend in Bitcoin\u2019s exchange reserves that has unfolded throughout the year. At the beginning of 2024, the reserves stood at approximately 3.05 million BTC. However, this number has declined massively since that time.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The dwindling supply of Bitcoin on exchanges can be <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-apparent-demand-has-turned-green-again\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">attributed to several key factors<\/span><\/a><span style=\"font-weight: 400\">. First, there\u2019s the surging interest from institutional players, especially following the approval and growing momentum of Spot Bitcoin ETFs. These ETFs have<\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-etfs-attract-555-million-in-fresh-inflows\/\" rel=\"nofollow\"><span style=\"font-weight: 400\"> triggered significant buying activity<\/span><\/a><span style=\"font-weight: 400\">, with US-based Spot Bitcoin ETFs eventually becoming the second-largest holders of BTC behind Satoshi Nakamoto.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Many long-term holders also contributed to the buying pressure, as many continued buying in droves. Even periods of price corrections and selloffs from short-term holders were highlighted by the movement of more BTC <\/span><a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-investors-accumulate\/\"><span style=\"font-weight: 400\">into stable long-term hands<\/span><\/a><span style=\"font-weight: 400\"> who are less likely to sell.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a result, the total amount of Bitcoin held on crypto exchanges has dropped by about 450,000 BTC since January, bringing the current reserve to just 2.6 million BTC. This is the lowest level seen since January 2019, and such a sharp decline typically signals a bullish outlook for Bitcoin. \u201cWe all know what this means,\u201d Martinez <a href=\"https:\/\/x.com\/ali_charts\/status\/93734815\" rel=\"nofollow\">said<\/a>.<\/span><\/p>\n<figure id=\"attachment_648484\" aria-describedby=\"caption-attachment-648484\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-648484\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin-price.png?w=460&#038;resize=460%2C259\" alt=\"Bitcoin price\" width=\"460\" height=\"259\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin-price.png?w=512 512w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/10\/Bitcoin-price.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-648484\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h2>What Does This Mean For Bitcoin Price?<\/h2>\n<p><span style=\"font-weight: 400\">The current state of Bitcoin\u2019s exchange reserves suggests that market participants are increasingly holding onto their BTC in anticipation of future gains, as many people continue to speculate about where the Bitcoin price could be heading in the coming months.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/dogecoin\/dogecoin-holder-base-6-month\/\">Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10<\/a><\/div>\n<p><span style=\"font-weight: 400\">When fewer coins are available on exchanges, it often indicates reduced selling pressure, which drives the price higher as demand continues to rise.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-breaks-through-65000-is-uptober-rally-just-getting-started\/\"><span style=\"font-weight: 400\">Uptober is now fully in play<\/span><\/a><span style=\"font-weight: 400\">, and Bitcoin is already up by 6.3% in the month. At the time of writing, Bitcoin is trading at $67,200. This notable price point puts Bitcoin on the path to breaking above its all-time high of $73,737 before the end of October.<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/yPi4zC6v\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">BTC price drops below $67,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price has already been up by 10% in the past seven days, breaking above the $67,000 mark again in the last few hours. The Coinmarketcap Fear And Greed Index has now switched to greed in light of recent buying momentum and is showing no signs of slowing down. The buying pressure on Bitcoin has been so great in the past few days, leading to a huge decline in the number of BTC available on crypto exchanges. According to on-chain data, this has caused the Bitcoin exchange reserve to drop to its lowest point in five years. BTC Exchange Reserve Drop to 5-Year Low Over the past few days, the demand for Bitcoin has outweighed its supply, leading to a sharp decline in the exchange reserves. According to CryptoQuant data reposted on social media platform X by crypto analyst Ali Martinez, the number of BTC held on exchanges is now at a five-year low of 2.6 million BTC.\u00a0 Related Reading: Crypto Analyst Identifies Bull Flag That Could Send Solana Price To $1,400 Martinez&#8217;s chart reveals an intriguing trend in Bitcoin\u2019s exchange reserves that has unfolded throughout the year. At the beginning of 2024, the reserves stood at approximately 3.05 million BTC. However, this number has declined massively since that time. The dwindling supply of Bitcoin on exchanges can be attributed to several key factors. First, there\u2019s the surging interest from institutional players, especially following the approval and growing momentum of Spot Bitcoin ETFs. These ETFs have triggered significant buying activity, with US-based Spot Bitcoin ETFs eventually becoming the second-largest holders of BTC behind Satoshi Nakamoto. Many long-term holders also contributed to the buying pressure, as many continued buying in droves. Even periods of price corrections and selloffs from short-term holders were highlighted by the movement of more BTC into stable long-term hands who are less likely to sell.\u00a0 As a result, the total amount of Bitcoin held on crypto exchanges has dropped by about 450,000 BTC since January, bringing the current reserve to just 2.6 million BTC. This is the lowest level seen since January 2019, and such a sharp decline typically signals a bullish outlook for Bitcoin. \u201cWe all know what this means,\u201d Martinez said. What Does This Mean For Bitcoin Price? The current state of Bitcoin\u2019s exchange reserves suggests that market participants are increasingly holding onto their BTC in anticipation of future gains, as many people continue to speculate about where the Bitcoin price could be heading in the coming months.\u00a0 Related Reading: Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10 When fewer coins are available on exchanges, it often indicates reduced selling pressure, which drives the price higher as demand continues to rise.\u00a0 Uptober is now fully in play, and Bitcoin is already up by 6.3% in the month. At the time of writing, Bitcoin is trading at $67,200. This notable price point puts Bitcoin on the path to breaking above its all-time high of $73,737 before the end of October. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":647040,"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":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-648483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here&#039;s What It Means For Bitcoin Price<\/title>\n<meta name=\"description\" content=\"The Bitcoin price has already been up by 10% in the past seven days, breaking above the 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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. 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