According to Glassnode data, the total amount of Bitcoin (BTC) on the exchanges fell to 2.3 million BTC, the lowest level since July 2018. Over the past decade, the amount of Bitcoin held on exchanges has steadily increased. It continued to rise, albeit with a few drops. As of July 2018, it reached 2.3 million Bitcoins. It then continued to rise for another year and a half – reaching a peak of about 3 million BTC in February 2020. And then it changed direction.
For the rest of 2020, Bitcoin is literally flying off the stock markets. The total amount of Bitcoin has dropped to 2.3 million since February. This amount represents a 21% decrease in this period. The rate has increased even more in recent days. Since December 5th, the total amount of BTC on the exchanges has decreased by 2.4%, showing a much sharper downward trend than previously seen.
According to the news in Decrypt, Quantum Economics’ Bitcoin analyst Jason Deane said, “The obvious conclusion is to move BTC to long-term cold wallets (offline wallets). However, this could also be an indication that more cautious users are increasing, with the mantra of ‘if you don’t have the key, you don’t have the crypto,’” he said.