Reducing the bitcoin inventory of digital currency exchanges; Is the mass sale over?

Recent data show that the trend of changes in the bitcoin inventory of centralized digital currency exchanges has declined again; This shows that the willingness to sell among investors is declining.

To Report Quinn Telegraph: Buyers by attracting short-term sellers’ capital have increased the pressure to buy bitcoin as prices approach $ 30,000.

Data from the analytics company CryptoQuant show that since the end of December (December), the bitcoin inventory of exchange offices has been declining again.

After a period when traders used to send bitcoins to exchanges to possibly sell them and get rid of them to avoid further losses, exchanges now see more withdrawals than bitcoin deposits; This means that the amount of bitcoins transferred from centralized exchanges to personal wallets has exceeded the amount of bitcoins entering the accounts of these exchanges.

Between December 7 and 28, 2021, the stock of bitcoin of 21 major cryptocurrency trading platforms increased from 2.396 million to 2.428 million units.

After that, the long-term downtrend resumed. On Monday, however, the stock fell to 2.366 million units, despite prices hitting a six-month low.

Meanwhile, cryptocurrency CEO Ki Young Ju believes that older whales, despite showing little mobility in recent years, can still spark a reversal in price trends.

Yang Joo wrote on Twitter, noting that institutions have probably been the main buyers of the market since 2020:

These whales appear to have sold their bitcoins to new players on the floor or price ceilings.

Whales have been bought many times on the price floor

While this is no secret, the decline in exchange rates now coincides with the tangible demand within the networks of large investors.

As the CC15Capital Twitter account pointed out this week, the move to the $ 33,000 floor has been accompanied by the purchase of a multimillion-dollar wallet.

Since August, the account has accumulated more than $ 1 billion in bitcoins. It should be noted that even his initial balance was zero and he did not have any bitcoins before.

This is largely due to the long-term holders’ determination not to sell their assets. Bitcoins that have remained untouched for the past year or more now now account for 60% of the total supply of this digital currency.

Accumulation of whales after the fall of bitcoin from a historic high of $ 69,000 has also been repeatedly observed in statistics.