2024

bullish

Bitcoin

<p>Times are changing in the world of cryptocurrencies: Bitcoin reserves on exchanges are dropping to a historic low. Is this the signal of a shift toward true decentralization of finance? While prices have been undergoing a correction since the last halving, on-chain data shows that fundamentals remain solid. Investors now prefer to hold their BTC away from trading platforms, thereby reducing short-term selling pressure.</p>
<h2 id="h-btc-traders-retreat-historical-decline-in-crypto-exchange-reserves">BTC Traders Retreat: Historical Decline in Crypto Exchange Reserves</h2>
<p>Since <strong>the last peak at $73,700 in March</strong>, the <a href="https://www.cointribune.com/en/crypto-markets/bitcoin-btc-en/" target="_blank" rel="noopener noreferrer nofollow">price of Bitcoin</a> has struggled to maintain momentum, fluctuating around $62,600 recently. Yet, despite this instability, <strong>BTC reserves on exchanges continue to fall</strong>, hitting <a href="https://x.com/thelordofentry/status/1845400184462663989" target="_blank" rel="noopener noreferrer nofollow">an all-time low</a>.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">Bitcoin reserves on exchanges hit an ALL-TIME LOW! <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Bitcoin reserves on exchanges have continued to decline, suggesting that investors are opting to hold rather than sell. <a href="https://t.co/jrefZIrtdM" rel="noopener noreferrer nofollow">pic.twitter.com/jrefZIrtdM</a></p>— TheLordofEntry (@thelordofentry) <a href="https://twitter.com/thelordofentry/status/1845400184462663989?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 13, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
</figure>
<p>This trend indicates that <strong>traders are increasingly opting for self-custody wallets</strong>, favoring direct ownership. This shift can be explained by:</p>
<ul>
 <li>A 1.96% drop in Bitcoin prices;</li>
 <li>A substantial reduction in positions on the derivatives market;</li>
 <li>The persistence of high network activity, with a constant transaction volume.</li>
</ul> 
<div class="tradingview-widget-container tradingview--mini-chart">
 <div class="tradingview-widget-container__widget"></div>
 <div class="tradingview--mini-chart--dark">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
 </div>
 <div class="tradingview--mini-chart--light">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
 </div>
 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSD chart</span></a> by TradingView
 </div>
</div> 
<p>The <strong>reduction in leveraged positions</strong> shows that traders are seeking to avoid excessive risks, which could mitigate short-term volatility, even if the path remains fraught with challenges.</p>
<h2 id="h-bitcoin-long-term-accumulators-in-full-action">Bitcoin: Long-Term Accumulators in Full Action</h2>
<p>Data reveals an interesting phenomenon: <strong>long-term holders continue to accumulate BTC</strong>, while short-term investors seem tempted to sell. This <a href="https://x.com/thelordofentry/status/1845400176992915962" target="_blank" rel="noopener noreferrer nofollow">appetite for accumulation</a> reinforces <strong>Bitcoin’s position as the “flagship crypto” in the digital universe</strong>.</p>
<p>According to TheLordofEntry, the decline in exchange reserves is a bullish signal. He states: “<em>Fundamentals remain strong, despite current volatility.</em>“</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://coinbase-consumer.sjv.io/c/2801338/552039/9251" target="_blank" rel="noopener noreferrer nofollow">Discover the Coinbase platform and buy your first cryptos</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<p>While caution remains among investors, long-term trends appear more promising, supported by <strong>the regular accumulation by loyal holders and the reduction in selling pressure</strong>.</p>
<p>As a reminder, last April, Bitcoin reserves on exchanges reached <a href="https://www.cointribune.com/en/bitcoin-exchange-reserves-plummet-to-a-record-low/" target="_blank" rel="noopener noreferrer nofollow">a record low</a>, signaling a marked trend toward self-managed wallets, a sign of a rush toward greater decentralization.</p>

Bitcoin Reserves Are Collapsing On Exchanges, A Bullish Signal?

Table of Contents

Cointribune EN

Other articles published on Oct 14, 2024

Bybit Elevates WSOT Rewards Experience with Fiat x WSOT Challenge

Visa Introduces Tokenized Asset Platform for Fiat-Backed Tokens

SPX6900 (SPX) meme token ended up in BlackRock’s wallet

Cutoshi (CUTO) Set To Become Breakthrough Coin In The DeFi Movement As Crypto Investors Seek Inno...

How to Buy Cutoshi Before Its Price Skyrockets, An Easy Step Guide

SHIB Price Prediction: Can the Burn Rate Fuel a Breakout to $1?

Join our free newsletter for daily crypto updates!