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Bitcoin Bullish Signal: BTC Exchange Reserve Plummets

Bitcoin Bullish Signal: BTC Exchange Reserve Plummets


NewsBTC
2021-07-28 19:00:35
Bitcoin Bullish Signal: BTC Exchange Reserve Plummets

Bitcoin exchange reserve has fallen off a cliff, on-chain analysis shows. This behavior is usually a bullish indicator for the BTC market. Bitcoin All Exchanges Reserve Is Down As pointed out by a CryptoQuant post, the BTC all exchanges reserve indicator has surged downhill over the past couple of days. The Bitcoin all exchanges reserve is an indicator that shows the amount of BTC stored in wallets of all exchanges. When the metric’s value goes up, it means more investors are sending their crypto to exchanges. More BTC in exchanges implies a selling pressure. On the other hand, when its value goes down, it means investors are sending their coins from exchange wallets to personal ones. Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist Here is a chart showing the trend in the value of the BTC all exchanges reserve over the last two months: The BTC all exchanges reserve seems to have steeply declined | Source: CryptoQuant As the above graph shows, the metric has fallen down with quite the steep slope. Just over the past two days, the indicator has dropped more than 100K Bitcoin in value! Since the value of the indicator going down means more BTC moving out of exchanges, it might mean that there is a buying pressure in the market. The price should be affected positively by this. Related Reading | Survey Says! Institutional Investors Are Still Bullish On Bitcoin A look at outflow charts o...

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