#Bitcoin reserves fall to a 7-year low#
Hot Topic Overview
Overview
Bitcoin exchange reserves have recently 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. André Dragosch, head of research at Bitwise, said the decline in exchange Bitcoin supply could be due to continued discounted buying by institutional participants. Nonetheless, analysts believe that while Bitcoin could rise on the back of a supply shock, current trading volume is insufficient to retake the $100,000 resistance level.
Ace Hot Topic Analysis
Analysis
Bitcoin reserves recently fell to their lowest level in nearly seven years, raising market concerns. According to CryptoQuant data, as of January 13, Bitcoin reserves on cryptocurrency exchanges dropped to 2.35 million BTC, the lowest level since June 2018. This phenomenon is believed to be a result of continued institutional buying, with investors actively accumulating Bitcoin at discounted prices. While analysts believe supply shock could drive Bitcoin prices higher, trading volume is currently insufficient to break through the $100,000 resistance level. André Dragosch, head of research at Bitwise, said the decline in exchange Bitcoin supply could be attributed to continued discounted buying by institutional players. This trend suggests that institutional investors remain confident in Bitcoin and may continue to drive its price higher in the future. However, current market trading volume is insufficient, and whether it can break through the $100,000 resistance level remains to be seen.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Institutional investors continue to buy Bitcoin, causing exchange reserves to drop to their lowest level in nearly seven years.
The decline in Bitcoin exchange reserves could be due to continued discounted buying by institutional participants.
While Bitcoin could be driven higher by supply shocks, current trading volume is not enough to reclaim the $100,000 resistance level.
Bitcoin exchange reserves have fallen to a 7-year low, which could signal an imminent market rally.