Cryptocurrency

bullish

Bitcoin

According to a recent statement by CryptoQuant, a leading cryptocurrency analysis firm, Bitcoin reserves on cryptocurrency exchanges have reached their lowest levels of the year.
According to the report, this significant drop in reserves could signal that selling pressure is easing and could potentially pave the way for a bullish market if demand for Bitcoin continues to rise.
The decline in Bitcoin reserves held on exchanges is believed to be linked to the rise of self-custody, where investors choose to store their assets outside of centralized exchanges, giving them more control over their assets. This shift towards self-custody means that there is less Bitcoin available for immediate sale, which in turn reduces liquidity on exchanges.
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CryptoQuant notes that Bitcoin’s move to cold storage, where assets are stored offline, typically indicates that investors are increasingly interested in holding the asset for the long term, waiting for future price appreciation. As more Bitcoin moves off exchanges and into cold storage, long-term investors are expected to gain more dominance in the market. This trend could lead to a more resilient market that is less susceptible to large-scale panic selling.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/bitcoin-reserves-on-exchanges-hit-year-low-levels-which-direction-does-it-point/" rel="noopener noreferrer nofollow">Bitcoin Reserves on Exchanges Hit Year-Low Levels: Which Direction Does It Point?</a>

Bitcoin Reserves on Exchanges Hit Year-Low Levels: Which Direction Does It Point?

Bitcoin Sistemi EN

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