BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here’s What It Means For Bitcoin Price

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	959,915,627	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

959,915,627

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.300	-0.45%	66.06	66.00	66.06

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.300

-0.45%

66.06

66.00

66.06

High Price	Low Price	Open Price	Prev. Close	52 Week Range
66.92	56.58	66.39	66.36	50.05 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

66.92

56.58

66.39

66.36

50.05 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:11:38	1.40	66.05	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:11:38

1.40

66.05

USD

Price x Volume	Volume	Base Symbol	Related Pairs
142,078.40	2,137.08	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

142,078.40

2,137.08

BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here’s What It Means For Bitcoin Price

17/10/2024 10:00pm

NEWSBTC

The Bitcoin price has already been up by 10% in the past seven days, breaking above the $67,000 mark again in the last few hours. The Coinmarketcap Fear And Greed Index has now switched to greed in light of recent buying momentum and is showing no signs of slowing down. The buying pressure on Bitcoin has been so great in the past few days, leading to a huge decline in the number of BTC available on crypto exchanges. According to on-chain data, this has caused the Bitcoin exchange reserve to drop to its lowest point in five years. BTC Exchange Reserve Drop to 5-Year Low Over the past few days, the demand for Bitcoin has outweighed its supply, leading to a sharp decline in the exchange reserves. According to CryptoQuant data reposted on social media platform X by crypto analyst Ali Martinez, the number of BTC held on exchanges is now at a five-year low of 2.6 million BTC. Related Reading: Crypto Analyst Identifies Bull Flag That Could Send Solana Price To $1,400 Martinez’s chart reveals an intriguing trend in Bitcoin’s exchange reserves that has unfolded throughout the year. At the beginning of 2024, the reserves stood at approximately 3.05 million BTC. However, this number has declined massively since that time. The dwindling supply of Bitcoin on exchanges can be attributed to several key factors. First, there’s the surging interest from institutional players, especially following the approval and growing momentum of Spot Bitcoin ETFs. These ETFs have triggered significant buying activity, with US-based Spot Bitcoin ETFs eventually becoming the second-largest holders of BTC behind Satoshi Nakamoto. Many long-term holders also contributed to the buying pressure, as many continued buying in droves. Even periods of price corrections and selloffs from short-term holders were highlighted by the movement of more BTC into stable long-term hands who are less likely to sell. As a result, the total amount of Bitcoin held on crypto exchanges has dropped by about 450,000 BTC since January, bringing the current reserve to just 2.6 million BTC. This is the lowest level seen since January 2019, and such a sharp decline typically signals a bullish outlook for Bitcoin. “We all know what this means,” Martinez said. What Does This Mean For Bitcoin Price? The current state of Bitcoin’s exchange reserves suggests that market participants are increasingly holding onto their BTC in anticipation of future gains, as many people continue to speculate about where the Bitcoin price could be heading in the coming months. Related Reading: Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10 When fewer coins are available on exchanges, it often indicates reduced selling pressure, which drives the price higher as demand continues to rise. Uptober is now fully in play, and Bitcoin is already up by 6.3% in the month. At the time of writing, Bitcoin is trading at $67,200. This notable price point puts Bitcoin on the path to breaking above its all-time high of $73,737 before the end of October. Featured image created with Dall.E, chart from Tradingview.com

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