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Bitcoin Balances on Exchanges at 2-Year Low – What Does It Mean for BTC Price?

Bitcoin (BTC) started March 3 by breaking the $50,000 resistance and surged to $52,630 during the day. Crossing this level is critical to maintaining the upward momentum in the short term.

Meanwhile, on-chain analytics provider, Glassnode, announced in its March 2 post that exchanges have seen their Bitcoin reserves at their lowest in two years.

The exchanges’ Bitcoin reserves saw 2,337,513,559 bitcoins, the lowest level in the last two years. The lowest level in the last two years was seen before that at 2,345,570,134 bitcoinson February 5, 2021.

Exchanges’ BTC reserves are at the lowest level in the last two years. Source: Glassnode / Twitter

What does the decrease mean for the Bitcoin price?

Low Bitcoin balances on centralized exchanges are usually considered a bullish indicator as whales and institutional investors prefer to store their savings in cold storage instead of exchanges. Hence, the decrease in BTC balance reveals that investors are making long-term investments and therefore expect a price increase.

Notably, BTC liquid supply is gradually decreasing whether the price rises or falls. According to Glassnode’s co-founders Jan Happel and Yann Allemann, this reveals the insane amount of hodling and investors’ confidence in the cryptocurrency.

In addition, on February 27, Bitcoin miners also stopped selling BTC for the first time since December 27  and started to accumulate. All these factors pave the way for the continuation of the upward movement in BTC price.

Bitcoin, which has gained 7% value in the last 24 hours, is being traded at around $51,135 as of the time of writing.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

Via Commodity News

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