The number of bitcoin held on global centralized cryptocurrency exchanges has decreased by 4.1% this month.
The low reserve level suggests growing investor confidence in bitcoin, an analyst said.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The amount of bitcoin held on centralized cryptocurrency exchanges decreased by 4.1% this month in a signal that could show increased investor confidence in the digital asset.
Centralized exchanges held 2,010,346 bitcoin at August's end, down 86,305 from the month's start, according to CryptoQuant data. That's the lowest reserve level since January 2018.of bitcoin held on exchanges suggests investor confidence in bitcoin's long-term prospects, and it could also be interpreted that traders are waiting for more favorable market conditions before executing sell orders.
"The considerable transfer of bitcoin from exchange platforms to secure cold wallets underscores the assurance exhibited by long-term investors," CryptoQuant data analyst Adam Mourad told The Block.Mourad added that the outflows trace a strategic route chosen by certain investors to transfer their bitcoin away from exchange platforms.
pointing to a significant outflow of BTC that coincided with the positive price trajectory after a U.S. appeals court"Observations subsequent to the price surge reveal that more than 20,000 bitcoins had been transferred out of exchanges into cold wallets," he added.However, he added the action"signified a belief in the enduring value of bitcoin."The world's largest cryptocurrency by market capitalization fell 2% over the past 24 hours to $26,370 at 1:15 p.m.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Court Rules SEC Must Review Rejection of Grayscale's Bitcoin ETF Bid, Bitcoin Jumps 5%The most valuable crypto stories for Tuesday, August 29, 2023.
Consulte Mais informação »
Beyond Bitcoin ETF: Inside BlackRock Bitcoin (BTC) Mining StrategyBlackRock, one of largest investing conglomerates in world, expands its presence in Bitcoin (BTC) mining segment
Consulte Mais informação »
Grayscale's Chief Legal Officer Talks Bitcoin ETF Decision; Bitcoin Price Rallies on Grayscale Court WinGrayscale Investments Chief Legal Officer Craig Salm joins 'First Mover' to discuss the next steps after a federal court ruled the SEC must review its rejection of Grayscale’s attempt to convert the GBTC into an ETF. Kaiko Director of Research Clara Medalie discusses the market reaction as bitcoin (BTC)'s price surged on the news. Plus, former SEC Special Counsel Hermine Wong shares insights into the impact of the SEC issuing its first enforcement action targeting NFTs.
Consulte Mais informação »
Bitcoin ETF Applications Are Bitcoin's Best Marketing StrategyWith the recent Grayscale win over SEC stonewalling, it seems like spot market BTC exchange-traded funds may be soon approved. Here's why that matters.
Consulte Mais informação »
Chinese gov’t fires up the printer — How will it impact Bitcoin price?Bitcoin price could be impacted by China’s newly enacted economic stimulus interventions.
Consulte Mais informação »
Grayscale marks victory against SEC in spot ETF case, bitcoin firms By Investing.comGrayscale marks victory against SEC in spot ETF case, bitcoin firms
Consulte Mais informação »