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Declining Bitcoin Stocks on Exchanges After 2020. Why Does It Matter?

In the last decade, there has been a significantκή αλλαγή στα αποθέματα Bitcoin (BTC) στα ανταλλακτήρια currencies.

Τα τελευταία τρία χρόνια, γίναμε μάρτυρες μιας αξιοσημείωτης τάσης: οι επενδυτές αποσύρουν περισσότερο Bitcoin από τα ανταλλακτήρια κρυπτονομισμάτων από όσα καταθέτουν.

Αυτή η αλλαγή στο ισοζύγιο καταθέσεων και αναλήψεων είναι ζωτικής σημασίας να παρακολουθείται. BTC που κατατίθεται στα ανταλλακτήρια μπορεί ενδεχομένως να μεταφραστεί σε πίεση πώλησης, δημιουργώντας μια διαφαινόμενη απειλή πώλησης που θα μπορούσε να επηρεάσει τη δυναμική των τιμών του Bitcoin, αντισταθμίζοντας οποιαδήποτε εισερχόμενη κερδοσκοπική ζήτηση.

When holders move their coins to an exchange, it often signals a willingness to sell. Instead, withdrawing to a Bitcoin wallet that has the same custody means commitment to "HODL".

Previously, from 2013 to 2020, Bitcoin stocks rose steadily as investors and miners deposited BTC to trade or sell. However, a chart sourced from CryptoQuant Pro shows a notable change in this trend since late 2020.

Bitcoin: Exchange reserve – All exchanges. Source: cryptoquant

So far, there are approximately 2,04 million BTC ($73,3 billion) in reserves on exchanges. This number still represents more than 10% of the current one s of Bitcoin, which is a high-weight speculative offering.

However, it also means Bitcoin reserves are down 32% from their highs of around 3 million BTC held by exchanges in 2020.

Even with one of the highest amounts of speculative supply in history, BTC was able to reach its all-time high price in 2021 due to significantly higher speculative demand for the leading cryptocurrency.

Interestingly, the lower the amount of Bitcoin held on exchanges, the lower the demand required to trigger a bull market similar to two years ago. , also means reduced risk exposure for custody disasters like what happened to FTX in 2022.