The on-chain analytics firm CryptoQuant has discussed how the Bitcoin market has changed during the past year.
Bitcoin Has Been Going Through Some Changes Recently
In a new post on X, CryptoQuant has broken down the changes that the cryptocurrency’s landscape has observed recently. The first would be that the US-based exchanges have been registering withdrawals, while the global platforms have seen growing holdings.
The relevant on-chain indicator here is the “exchange reserve,” which keeps track of the total amount of Bitcoin stored inside the wallets of a centralized exchange or a group of exchanges.
First, here is a chart that shows the trend in this metric for the foreign platforms:
The above graph shows that the Bitcoin exchange reserves for Binance, Bitfinex, and OKX have increased during the past year. In total, the indicator’s value for these non-US platforms has increased by 10% in this period.
This increase would naturally suggest that these exchanges have seen net d
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