Bitcoin Weekly Deposits On Exchanges Reach 2-Year Low: Glassnode

Bitcoin supply to exchanges takes a dive.

Glassnode Alerts reveals in a tweet Tuesday that Bitcoin weekly deposits have tapped 2-year lows, sitting at around 2,021.750 BTC.

“Bitcoin BTC Number of Exchange Deposits (7d MA) just reached a 2-year low of 2,021.750,” the analytics firm tweeted.

? #Bitcoin $BTC Number of Exchange Deposits (7d MA) just reached a 2-year low of 2,021.750

View metric:https://t.co/v3uKq4dCjX pic.twitter.com/r6KSsgJaqj

— glassnode alerts (@glassnodealerts) July 12, 2022

It is worth noting that The Crypto Basic had reported that there had been massive Bitcoin outflows from exchanges this month. About 151k BTC are said to have left crypto exchanges as shrimps, sharks, and whales continue accumulating the asset.

Bitcoin sharks with 10 to 100 BTC holdings have added 52k BTC to their bags in just five weeks. Additionally, Bitcoin whales now hold about 45.6% of the supply, and shrimps have added about 36.75k BTC each month, according to Glassnode.

However, it is worth noting that the leading digital asset has also not been free from selling pressure. Miners have capitulated, and long-term holders are facing unrealized losses. Notably, Bitcoin has plunged by over 70% from its all-time high. Consequently, as previously reported, Bitcoin mining firm Bitfarms sold 3000 BTC in June, even as Glassnode points out that miners are now selling 3000 to 4000 BTC monthly, with the figures expected to double to 8k BTC.

As reported by The Crypto Basic, more selling pressure may be ahead for the leading digital asset. It appears that victims of the Mt Gox attack in 2014 may be receiving repayments soon, which could see an extra supply of 150k BTC hit the markets, with many speculating that these victims may be inclined to sell.

However, Binance chief Changpeng Zhao, popularly called CZ, has downplayed such concerns, noting that holders of BTC in 2014 were more likely to be believers in the asset than sellers.

“Just ask yourself, if you got into crypto and had BTC from 2014, will you be in a hurry to sell now? New joiners vs OG mentality,” CZ noted.

At the time of writing, the asset is trading around the $20k price point. It is down 2.52% in the last 24 hours as traders anticipate the US inflation data on Wednesday.

– Advertisement –