#Bitcoin reserves fall to seven-year low#
Hot Topic Overview
Overview
Bitcoin exchange reserves have recently dropped to their lowest levels in nearly seven years, indicating that institutional investors are continuing to buy Bitcoin. According to CryptoQuant data, as of January 13th, bitcoin reserves on cryptocurrency exchanges fell to 2.35 million BTC, the lowest level since June 2018. Despite this, analysts believe that current trading volume is not sufficient to push the Bitcoin price back above the $100,000 resistance level. However, continued institutional buying could have a positive impact on future price movements.
Ace Hot Topic Analysis
Analysis
Bitcoin exchange reserves have fallen to their lowest level in nearly seven years, suggesting that institutional investors are continuing to buy Bitcoin. According to CryptoQuant data, as of January 13, Bitcoin reserves on cryptocurrency exchanges fell to 2.35 million BTC, the lowest level in nearly seven years since June 2018. At the time, Bitcoin was trading slightly above $7,000. André Dragosch, Head of Research at Bitwise, said the decline in exchange Bitcoin supply may be due to continued discounted buying by institutional participants. Despite this, analysts believe that while Bitcoin may be driven higher by supply shocks, current volume is insufficient to retake the $100,000 resistance level.
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Public Sentiment
Discussion Word Cloud
Classic Views
Institutional investors continue to buy Bitcoin, driving exchange reserves to their lowest levels in nearly seven years.
The decline in Bitcoin exchange reserves could be due to continued discounted buying by institutional investors.
While Bitcoin may be driven higher by supply shocks, current volume is insufficient to retake the $100,000 resistance.
Bitcoin reserves falling to a seven-year low may signal potential for future price increases.