Glassnode has estimated that the number of Bitcoins on crypto exchanges is now at its lowest level since August 2018.
The decline in the BTC exchange balance is seen as the value of the cryptocurrency declines. Today, Bitcoin is trading at around $40,700.
This year, the number of coins listed on exchanges has decreased by 5% (138,266 BTC) to 2,449,785 BTC. More than 20,000 coins were withdrawn from exchanges last week. The trend toward long-term hoarding continues to dominate.
According to the Blockware Solutions report:
“We are seeing a phase of active accumulation. Crypto exchange outflows are similar to those after March and December 2020 and September 2021.”
