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Bitcoin

April

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-exchange-reserves-hit-record-lows-as-investors-withdraw/" data-wpel-link="internal">Bitcoin Exchange Reserves Hit Record Lows as Investors Withdraw</a><br></p>
<p class="p1" style="text-align: justify"><strong><a href="https://coin-turk.com/uzman-isim-7-haneli-bitcoin-ongorusu-beklentileri-arsa-cikardi" data-wpel-link="internal">Bitcoin</a></strong> exchange reserves have reached the lowest levels recorded to date by CryptoQuant data, dating back to early 2021. According to CryptoQuant, more than 90,700 Bitcoins were withdrawn from major cryptocurrency exchanges last month. This trend is reducing <a href="https://en.coin-turk.com/anticipation-builds-as-bitcoin-etf-approval-rumors-boost-investor-excitement/" data-wpel-link="internal">Bitcoin</a>‘s liquid supply and indicates that investors are pulling back their assets as part of a long-term holding strategy.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
<p class="p1" style="text-align: justify"><strong>Bitcoin’s</strong> exit from exchanges to cold storage is likely a multi-year trend driven by factors such as the increase in the crypto asset’s price, the approval of spot Bitcoin ETF funds, and expectations surrounding the halving event. In July 2021, Bitcoin exchange reserves were around 2.8 million, indicating a drop of approximately 900,000 Bitcoins since CryptoQuant began recording this data.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-337545 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/cryptoquant.webp" alt="" width="1045" height="508"></p> 
<p class="p1" style="text-align: justify">However, according to a report published this week by Glassnode, Glassnode’s data still shows a significant transfer of Bitcoin from long-term to short-term holders on exchanges. The Glassnode report stated:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“After a historical squeeze in supply, the gap between long and short-term holder supply has started to close, and as prices rise and unrealized profits held by investors increase, it is persuading long-term holders to part with their assets.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify">The report noted that the short-term holder supply increased by about 1.121 million Bitcoins, absorbing the distribution pressure from long-term holders. According to Tradingview data, the Bitcoin price was trading at $68,311 at the time the article was written.</p> 
<h2 class="p1" style="text-align: justify" id="expert-commentary-on-bitcoin">Expert Commentary on Bitcoin</h2> 
<p class="p1" style="text-align: justify">The market’s largest crypto asset is still about 10% down from its all-time high of $73,000 recorded in mid-March. Stocklytics analyst Neil Roarty commented that strong economic indicators from the US could be diminishing Bitcoin’s performance.</p> 
<p class="p1" style="text-align: justify">Roarty also mentioned that the US Federal Reserve is not under any pressure to accelerate the start of a rate cut cycle this year. He noted that such cuts might be necessary to drive Bitcoin’s price to a projected target of $100,000 by 2024:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“All eyes are now turned to the March employment report, eagerly awaited by the Bureau of Labor Statistics to be announced on April 5th. Analysts are predicting another strong month, and if that is indeed the case, Bitcoin bulls may need to settle in for a period of consolidation.”</p> 
</blockquote> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-exchange-reserves-hit-record-lows-as-investors-withdraw/" data-wpel-link="internal">Bitcoin Exchange Reserves Hit Record Lows as Investors Withdraw</a></h5>

Bitcoin Exchange Reserves Hit Record Lows as Investors Withdraw

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