Bitcoin’s exchange balance plummets to five-year low

Quick Take

The balance of Bitcoin on exchanges has recently plummeted to a new record low for the year, with just 2.291 million BTC on exchanges. Data reveals that this figure is reminiscent of levels last observed in March 2018, marking a significant shift in the distribution of the cryptocurrency. Over the previous weekend, a substantial volume of Bitcoin exited the exchanges, primarily attributed to ‘whales,’ or large-scale holders of the digital asset.

The principal outflows were traced to two major cryptocurrency trading platforms, Bittrex Global and Bitstamp. This trend may indicates a more bullish sentiment among large investors as they move their holdings out of exchanges and into private wallets, presumably for long-term holding.

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