The number of bitcoin held on global centralized cryptocurrency exchanges has decreased by 4.1% this month.
The low reserve level suggests growing investor confidence in bitcoin, an analyst said.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The amount of bitcoin held on centralized cryptocurrency exchanges decreased by 4.1% this month in a signal that could show increased investor confidence in the digital asset.
Centralized exchanges held 2,010,346 bitcoin at August's end, down 86,305 from the month's start, according to CryptoQuant data. That's the lowest reserve level since January 2018.of bitcoin held on exchanges suggests investor confidence in bitcoin's long-term prospects, and it could also be interpreted that traders are waiting for more favorable market conditions before executing sell orders.
"The considerable transfer of bitcoin from exchange platforms to secure cold wallets underscores the assurance exhibited by long-term investors," CryptoQuant data analyst Adam Mourad told The Block.Mourad added that the outflows trace a strategic route chosen by certain investors to transfer their bitcoin away from exchange platforms.
pointing to a significant outflow of BTC that coincided with the positive price trajectory after a U.S. appeals court"Observations subsequent to the price surge reveal that more than 20,000 bitcoins had been transferred out of exchanges into cold wallets," he added.However, he added the action"signified a belief in the enduring value of bitcoin."The world's largest cryptocurrency by market capitalization fell 2% over the past 24 hours to $26,370 at 1:15 p.m.
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