Источник Bitcoinist.com
Заголовок Exchanges Not Bleeding Bitcoin: New Glassnode Data Busts Myth
Дата 20240703

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Exchanges Not Bleeding Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin: New Glassnode Data Busts Myth

Exchanges Not Bleeding Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin: New Glassnode Data Busts Myth

by Keshav Verma

3 mins ago

in Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin News

0

The analytics firm Glassnode has revealed that exchanges haven t been
bleeding Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, at least not to the degree many previously thought.

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Exchange Reserve Has Only Seen A Minimal Decrease In Recent Years

The exchange balance , a measure of the total amount of Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin sitting in the
wallets of centralized exchanges, has often been a hot topic in the on-chain
analysis community.

Related Reading: Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum HODLing: Data Reveals Diamond Hands Own 78% Of
Supply

Investors use these platforms for selling-related purposes, so many look at
the exchange balance as a sort of reflection of the available
trade supply of the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.

In recent years, an interesting pattern has emerged in this supply sitting on
the exchanges, with its value observing a constant decline. This suggested
that investors were continuously taking coins out, thus decreasing the
asset s potential sell supply.

The trend made some community members think Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin was heading towards a
supply shock . There was, however, also opposition to the idea, with questions
around whether the outflows were simply a result of changing dynamics in the
market rather than an apparent shift towards widespread HODLing .

Glassnode s modification for one of its indicators may have just put the
supply shock theory to bed. As the analytics firm has explained in its
changelog , the Coinbase balance has been updated to include new entities.

Previously, these labels were associated with Coinbase Custody in our
database. However, we have decided to discontinue this distinction as
differentiation from an on-chain perspective is not always clear-cut.

The Coinbase Custody includes coins from large entities such as spot
exchange-traded funds (ETFs). Thus, the result of this change is that the
Coinbase balance has now seen a notable increase.

The data for the Coinbase balance both before and after the modification |
Source: Glassnode

As is visible in the chart, while the exchange balance appeared to be shooting
down earlier, the modification has meant that its value has moved more or less
sideways over the last few years.

In an X post , on-chain analyst Checkmate also mentioned the topic.
Exchange balances are notoriously hard to parse and monitor,
says the analyst. They are an advanced metric valuable, only if you
know what you re doing.

As Checkmate pointed out, the wider exchange balance chart has also looked
flat in recent years.

How the exchange balance has changed for BTC over its history | Source:
@_Checkmatey_ on X

Many folks who have been talking about endless outflows did not
appreciate the Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin balance held in Coinbase custody, notes
Checkmate. In March 2020, the total exchange balance was 3.146 million BTC;
today, it s 2.968 million.

Related Reading: Toncoin (TON) Whales Just Went On $342 Million Buying Spree,
Data Shows

There have still been net outflows since then, but the decrease is just
178,000 BTC, which isn t much in the grand scheme.

BTC Price

At the time of writing, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin is trading at around $62,700, up more than 2%
over the past week.

Looks like the price of the coin has been going up over the last few days |
Source: BTCUSD on TradingView

Featured image from Dall-E, Glassnode.com, chart from TradingView.com

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