Not all bear markets are created equal and the same can be said when comparing the 2018 crypto bear market, and the current 2022 bear market.
Exchange BTC balance 2018-2019
Bitcoin: Exchange Net Position Change – All Exchanges (Source: Glassnode)
Following the peak of the bull run in Dec. 2017, Bitcoin (BTC) price dropped below $10,000, and what followed from Jan. 2018 to Q4 2019 was a large inflow of BTC onto exchanges.
Starting with around 1.7 million BTC on exchanges in Jan. 2018, by the end of 2019 exchanges held an estimated 3 million BTC.
Bitcoin: Balance on Exchanges – All Exchanges (Source: Glassnode)
Exchange BTC balance 2022
Unlike its 2018 predecessor, the bear market of 2022 has shown itself to be a completely different animal. Through 2022, an unprecedented amount of BTC has left exchanges numbering in the hundreds of thousands at a time on occasions.
Bitcoin: Exchange Net Position Change – All Exchanges (Source: Glassnode)
Prior to the aftermath of the FTX collapse,
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