Bitcoin exchange balances fell to end-2018 levels

Since March 13, the total amount of deposits in the leading cryptocurrency on major exchanges has fallen by 372,700 coins—to 2.59 million BTC. The last time such low readings were observed was in November 2018.

Dynamics of BTC balances on deposits at leading exchanges. Source: Glassnode.

It is possible that the decline in deposits is driven by long-term holders moving their bitcoins to cold wallets.

The dynamics of BTC-on-Ethereum supply. Source: Dune Analytics.

A decline in exchange balances could reduce potential selling pressure on the price of the leading cryptocurrency.

Dynamics of BTC withdrawal transactions from leading exchanges. Source: Glassnode.

Earlier, presented the Stablecoin Supply Ratio metric, measuring the potential for an upward move in Bitcoin’s price.

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