Since March 13, the total volume of deposits in the first cryptocurrency on the leading exchanges has decreased by 372.7 thousand coins – to 2.59 million BTC. The last time similarly low values were indicated in November 2018.
It is possible that the reduction in deposits is due to the desire of long-term holders to transfer bitcoins to cold wallets.
Also, the outflow of funds from centralized exchanges can be associated with significant demand for so-called tokenized bitcoins (BTC, tBTC and others), which are widely used in the DeFi segment. During the period under review, more than 104 thousand coins acquired this form.
Shrinking exchange balances can reduce potential selling pressure on the price of the first cryptocurrency.
According to Glassnode, the number of BTC withdrawals from leading exchanges since March this year has moved to the range of 25-35 thousand, with individual surges up to 45 thousand and more. From September 2019 to the March collapse, the indicator was mainly in the corridor of 20-30 thousand.