Bitcoin’s climb past the $27,000 mark this week, after a prolonged period of hovering around $26,000 throughout September, has triggered a significant market response.
Previous CryptoSlate analysis of the futures market found a marked decrease in derivatives trading. This trend signaled a waning interest among traders in both leveraged and futures trading.
This diminishing enthusiasm isn’t confined to the futures market alone.
The spot Bitcoin market mirrors this trend, as evidenced by the pronounced drop in Bitcoin balances on exchanges. Glassnode’s data reveals a notable reduction in the total Bitcoin held on exchanges, which fell by over 7,000 BTC since the beginning of October.
Graph showing the total amount of Bitcoin held on exchanges from Sep. 5 to Oct. 4, 2023 (Source: Glassnode)
A more granular look at the 30-day change in exchange balances shows an even larger decrease. As of Oct. 3, the amount of Bitcoin held on exchanges decreased by 16,351 BTC. This signifies that no
We współpracy z: https://cryptoslate.com/declining-bitcoin-exchange-balances-show-strong-holding-sentiment/
