Bitcoin (BTC) balances of the major exchanges reached the lowest level in eight months, which means that there is no whale movement in sight.
According to the data provided by Glassnode, Bitcoin (BTC) holders are actively withdrawing money from exchanges. This indicates that BTC may have been in the middle of another accumulation phase before a possible rally.
Despite the volatility, the #Bitco holders appear to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18.
According to our labels, $ BTC exchange balances are the lowest they’ve been in ~ 8 months.https: //t.co/iwiDqNlvuI the pic.twitter.com/mnpb5vj6y
– glassnode (@glassnode) March 26, 2020
BTC outflows from major exchanges have been increasing since March 18. As a result, Bitcoin balances reached their eight-month low. On the verge of the March 12 collapse that terrified the crypto industry, the situation was completely opposite. Four days before the 48 percent decline, there was a rapid increase in entries. For followers, this was a sign that whales were ready to dump a large amount.
Crypto money outflow from major exchanges may also show that some investors have lost faith in central exchanges, which seemed stronger than just two months ago. According to the LongHash report, Coinbase had about 1 million BTC in its cold wallets at the end of January.
Despite the dominance of crypto exchanges, entrusting money to third parties is against the idea of monetary sovereignty. For this reason, Proof of Keys Leader Trace Mayer urges BTC holders to take control of their coins.
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