As a seasoned researcher with over a decade of experience in the dynamic world of finance and cryptocurrencies, I find myself intrigued by this latest development. The significant decrease in Bitcoin addresses depositing into exchanges harks back to a time when the crypto market was still finding its footing.
The number of Bitcoin addresses depositing into exchanges has dropped to 132,100.
According to insights published on CryptoQuant by analyst CryptoOnchain, this is a figure last seen in 2016.
Decreased Selling Pressure
This indicator, measuring the quantity of addresses transferring Bitcoin into exchange platforms for trading, indicates a decline in selling pressure since fewer investors are emptying their BTC holdings to sell. This decrease in selling activity coincides with bitcoin’s latest jump over $60,000, causing an outflow of Bitcoin from centralized exchanges (CEXs).
Based on data from IntoTheBlock, a significant amount of cryptocurrency was withdrawn from these platforms to the tune of approximately $1.3 billion in the last week. The majority of this withdrawal, roughly 12,420 Bitcoin, took place on September 10 when the price failed to sustain above the $57,000 mark.
These actions indicate that more investors are stockpiling their investments, likely because they believe the market will rise. Additionally, several cryptocurrency experts share this optimistic view about Bitcoin’s future.
In a more recent post on platform X, an anonymous expert named Titan put forth an idea: The top cryptocurrency could potentially reach $92,000. His reasoning is based on the asset’s historical tendency to experience a minimum 40% surge whenever it exceeds its 50-day simple moving average. Additionally, he anticipates a significant 71% growth in the upcoming months.
In a different discussion, financial expert Michael van de Poppe hinted that we might be in a period of sideways movement (consolidation) for now. He predicts a possible bullish surge by the end of this month or early October. Yet, it’s important to remember that broader economic factors can still sway the market, even considering current investor feelings.
Liquidations and Market Decline
Earlier today, the digital currency market saw a dip, in anticipation of an important Federal Open Market Committee (FOMC) meeting happening later this week. The U.S. Federal Reserve may decide on possible reductions in interest rates during this meeting, and such decisions could affect various worldwide financial markets, including cryptocurrencies.
Based on information from CoinGlass, approximately $178 million worth of positions were terminated in the last 24 hours, representing a substantial 292% rise compared to the previous day. Traders who had taken bullish long positions suffered the most losses, with around $153 million being eliminated.
In terms of liquidations, Ethereum and Bitcoin took the lead. Ethereum had approximately $55 million in liquidations, while Bitcoin followed closely with about $35 million. Notably, the biggest liquidation event, valued at around $2 million, took place on the OKX platform.
According to CoinGecko, the overall value of the global cryptocurrency market has decreased by approximately 3.7% within the past day, currently resting at around $2.13 trillion. Simultaneously, Bitcoin’s price has dipped by about 3%, trading below $58,000. Interestingly, despite this decline, Bitcoin’s daily trading volume saw a significant increase of 106.28% and is now at around $27.36 billion.
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2024-09-16 22:06