Outflow of Bitcoin BTC with crypto exchanges increases

Crypto News | Cryptocurrencies

The scale of the withdrawal of bitcoins from cryptocurrency exchanges is at a six-month high. This is evidenced by the data provided by the Glassnode service.

As of May 7, the BTC balance on trading floors decreased to 2,360 million coins. At the end of April, this figure was 2.364 million bitcoins, the researchers note. This trend has been observed for several weeks after the March collapse, which went down in the history of the cryptosphere as “Black Thursday”.

At the end of last year, TokenAnalyst analysts drew attention to the systematic withdrawal of cryptocurrency from trading platforms. They noted that the value of BTC is gradually increasing in the eyes of investors, and they refuse to sell coins even during periods of bearish trend dominance.

It was previously reported that exchange-traded liquidity has been declining since February 2020. Only at the end of March, investors withdrew from the platforms more than 20,000 bitcoins in five days.

Many observers attribute the transition to long-term storage of cryptocurrency with the upcoming halving, as a result of which after May 12, the miners’ reward for mining the block will decrease from 12.5 to 6.25 BTC.

The activity of network users is now at its maximum since the fall of 2017. Many expect that after halving, Bitcoin will maintain an upward trajectory.

On Thursday, May 7, the BTC rate approached $ 9300. Over the past 24 hours, cryptocurrency capitalization has increased by almost 3% to $ 170.373 billion.