Bitcoin’s balance on exchanges has reached a significant low, dropping below 2.3 million BTC, a level not seen since March 2018. The shift is primarily driven by substantial outflows from major exchanges like Binance and Coinbase, indicating a potential change in investor sentiment towards long-term holding strategies.
Binance, holding the largest Bitcoin reserves, has seen significant withdrawals of BTC over the past year. Similarly, Coinbase experienced the third-largest outflow of 2024, with nearly 16,000 BTC moved out in a single day. These outflows suggest that large-scale holders, known as “whales,” are transferring their assets to private wallets, possibly in anticipation of future price increases.
Overall, these trends suggest that investors may be gearing up for a bullish phase in Bitcoin’s price trajectory by reducing the supply available on exchanges. This could potentially lead to upward pressure on prices in the near future.
