Bitcoin sat on exchanges sinks to year-to-date low as Binance leads outflows

exchange68September 12, 2024

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Quick Take

The balance of Bitcoin on exchanges has hit a year-to-date low, with approximately 11.8% of Bitcoin’s total supply now harbored on these platforms.

This comes after a short-lived trend of increased Bitcoin transfers to exchanges, aligning with the cryptocurrency’s ascension towards the $25,000 mark. Conversely, a shift in this trend has recently emerged, revealing an influx of Bitcoin moving off exchanges.

The largest contributor to this new trend is Binance, the exchange with the most significant share of Bitcoin supply. Over the past month, around 30,000 Bitcoins have been withdrawn from Binance.

This latest shift could potentially signal a change in investor sentiment; moving coins off exchanges often suggests a longer-term holding strategy. As such, this could imply that investors are now bracing for a potential upward shift in Bitcoin’s price trajectory.

Balance on Exchange: (Source: Glassnode)

Exchange Balance Binance: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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