Quantity of Bitcoin Locked in Exchanges Hit Its 2-Year Cheapest

Amount of Bitcoin Held in Exchanges Hit Its 2-Year Lowest
  • Bitcoin hit its 1-year low at $26,350 USD on May 12.
  • Bitcoin Fear and Avarice Index is 12 exhibiting “extreme fear”.

The current rally from the largest cryptocurrency for the $30k support level within the eco-friendly zone elevated speculations among investors. Bitcoin hit a higher of $30,590 USD on Monday, relieving the panic since early May once the crypto market considerably started to crash. In situation Bitcoin sustained or surged over the support level, a bull run was expected. But everything was short-resided as BTC unsuccessful to carry its place at $30k. 

Bearish BTC as a swap Reserves

The quantity of Bitcoin (BTC) locked in various crypto exchanges arrived at a couple-year low of two,476,141 BTC on 15 May. Nearly 3.05 million BTC were held by major exchange reserves at the begining of March 2020, creating an exciting-time high. This accumulation progressively declined and arrived at its low of two.52 million BTC held across exchanges in November 2020. 

Source: Exchange Reserve – CryptoQuant

Based on data from CryptoQuant, previously 24 hrs, 53,600 BTC outflows were tracked leaving from major cryptocurrency exchanges. As reported by the data, 6,457 withdrawal transactions were recorded within the last 24h.

As reported by the market data from CMC, the buying and selling amount of BTC/USD pair within the following exchanges was at: FTX ($756.7M), Coinbase ($654.3M), Binance US ($41.9M) and Gemini ($40.65M). 

Based on CMC, during the time of writing, Bitcoin traded at $29,284 USD lower by 3.38% having a market cap of $557.8 billion USD. Even the second biggest crypto declined from the bullish mark of $2,080 USD to $1,963 USD, during the time of writing.

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