Bitcoin reserves on exchanges reach unprecedented lows since July 2018
Since March 2020, the number of Bitcoin held on exchanges has decreased from 3.15 million to 2.4 million
Crypto bear markets are known to be painful, but June was particularly difficult for crypto investors, as several factors led to a 37.9% drop in the Bitcoin (BTC) price. monthly since 2011.
As a result of the widespread weakness, most so-called Bitcoin “tourists” have now left the space, leaving only the most dedicated owners, according to blockchain analysis firm Glassnode.
Despite Bitcoin’s ongoing struggles and the fact that investors are currently facing the most difficult bear market in the industry’s history, several values suggest that the outlook is not as dire as some predict, and the crypto market holders’ base remains strong.
More and more Bitcoin is leaving the exchanges
Lately, investors have withdrawn their BTC from frantic exchanges. The collapse of the Earth ecosystem, the potential bankruptcy of Celsius, and the implosion of Three Arrows Capital are a clear reminder that cryptocurrencies must be stored in a cold wallet.
