By Taylor - Crypto Investor - 02-11-2021
According to a study, about $38 million worth of Bitcoin (BTC) has reportedly been transacted out of cryptocurrency trading platforms. A blockchain analytical start-up company, Glassnose, has stated that long-term holders have been buying Bitcoin to the masses throughout the last year and continue to hold the tokens. In a tweet, the start-up noted that the balances of cryptocurrency exchange platforms had decreased to 2.47 million BTC; this figure level was last seen in August 2018.
In the statistics report, Glassnode had shown that 30,850 BTC was the average monthly outflows for exchanges since quarter one of 2020. As a way to keep track of the BTC market supply, the amount of Bitcoin accumulated in investors' wallets is regularly monitored and updated. Since BTC is continuously decreasing in amount to what is available for purchase, the price of the coin will eventually have to rise as BTC becomes rare.
Reportedly, Glassnodes has also looked into the statistic for Bitcoin's exchange net position change to measure the crypto coin's supply change in wallets and exchanges. When not including the market crash from Bitcoin's all-time high of $64,000, it appears that there has been a steady and consistent outflow of exchanges on a monthly basis. The current outflow statistic is sitting at around 22,000 BTC monthly. Something worth noting is that the company's data technology is backed up by the problems that Binance is currently facing. Binance is the largest crypto exchange globally and has recently prevented BTC withdrawals just today, this is reportedly due to a high backlog.