According to Glassnode’s August 2nd newsletter, this week has seen an extremely large volume of Bitcoin leave centralized exchanges, with the rate accelerating to over 100,000 BTC per month for the third time since September 2019. With Bitcoin’s current market price at $38,500, this means that a total of $3.85 billion worth of BTC are leaving centralized exchanges monthly.
The exchange net position change metric is an on-chain analytic metric used to map out the monthly rate of coins flowing in (green) or out (red) of all exchanges. The Bitcoin exchange net position change is used to measure the demand and supply of Bitcoin going in and out of centralized exchanges. If Bitcoin leaves centralized exchanges, it means there is an accumulation (Demand) of the flagship cryptocurrency but when there is more Bitcoin on centralized exchanges, it means there is a low demand for the coin.
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments