Bitcoin exchange balances declining at a rapid pace » Crypto Insiders

The Bitcoin (BTC) price It has been at a deep bottom for some time, and investors are waiting for the bottom, but no one knows where it is. However, we are seeing some cautious positive signs here and there. so let on the chain Analytics platform Santiment yesterday in a tweet that Bitcoin Stock exchanges’ balance sheets are declining.

Bitcoin stock exchanges are dropping rapidly

Where to offer bitcoin on exchanges like Binance In May, when the price fell deeply, we now see the opposite happening. Santiment shows this on the basis of the data on the series.

The data in the chain is data directly from Bitcoin blockchain† Using this information, Santiment shared the following graph yesterday:

“Bitcoin supply on exchanges has fallen rapidly. After a spike in panic selling in early May, this is an indication that scammers who continued to believe in bitcoin during this drop are now content with choppy markets and are ready to move away.”

# bitcoinThe supply on the stock exchanges decreased rapidly. After a spike in panic sales in early May, this is an indication of scammers who have stuck with it BTC dollars Through this meltdown that contented with volatile markets at this point, ready to get out of it. 👍 https://t.co/aSQ9iChLJH pic.twitter.com/6KKHCAdSNi

– Santimentfeed June 18 2022

0.6% of the total Bitcoin supply flowed away from exchanges

The chart shows that after the increase in May, supply actually only decreased. This is generally seen as a positive development.

However, there was a slight increase in inflows when the price recently fell with the same force. But over the past five days, up to 0.6% of the total number of bitcoins in circulation is said to have flowed away from Cryptocurrency exchange†

It remains to be seen if this is ultimately a sign that selling pressure is waning. On the plus side, of course, the recent declines have not led to a significant increase in bitcoin sent to exchanges.

Yesterday, the price of Bitcoin fell below the all-important $20k price area. But at the time of writing, the price has managed to recover somewhat and test this price level. The recovery above may be a positive sign.