Since April 2021, more than 600,000 BTC have left the exchange.
The low of 2.37 million BTC has not occurred since September 2018.
On its Twitter account, CryptoQuant, on Monday February 24, indicated that Bitcoin (BTC) reserves on exchanges have reached a minimum of 2.37 million, the minimum value after 3 and a half years, recorded in September 2018. The decline began and has been maintained since 2.6 A maximum of 1 million BTC, registered at the end of July 2021.
this is Descending direction of BTC stocks on stock exchanges that have been on hold throughout the second half of 2021, both in the July-November uptrend that led to the most recent all-time high, and in the subsequent correction.
The following chart shows the evolution of BTC reserves on exchanges from July 2018 to the present. After approaching 3 million bitcoins in October 2020, reserves reached that value in April 2021. Then the decline begins with some fluctuations, As reserves fell by more than 600,000 BTCto the tune of 2.37 million recorded on February 25.
The exit of BTC from exchanges is a bullish sign, because with the flow to wallets controlled by its owners, the supply decreases and upward pressure is created on prices.
Stablecoins have more purchasing power than Bitcoin
The ratio of the value of BTC deposited in exchanges to the capitalization of stablecoin reserves has been steadily declining with the outflow of BTC from exchanges. In the following graph, CriptoQuant shows the evolution of said quotient.
This measure is inversely proportional to the purchasing power of BTC owned by stablecoins deposited on exchanges. The lower the percentage, the higher the ability to get BTC using stablecoins. From a value of 11.3 on July 30, 2020, the ratio is currently 4.12, almost three times lower.
On Monday the 28th of this month, there was a recovery in the price of Bitcoin that temporarily exceeded $41,000, CriptoNoticias reported, indicating increased demand that has been weakening in recent days.