Bitcoin Stored on Exchanges Falls to Two-Year Low

In letter

  • The total amount of Bitcoin on all exchanges has fallen to a two-year low.
  • That amount has been decreasing for most of 2020.
  • Bitcoin’s bull run ended in the past 24 hours, with the price nearing an all-time high.

According to information from 2018, the Bitcoin account balance on all major crypto exchanges has fallen to a level not seen since August 2018 and has reached a 27-month low Glass knot. The current stock market balance is 2.3 million Bitcoin.

The total amount of Bitcoin on exchanges. Image. Glass knot

The total amount of Bitcoin on all exchanges has steadily increased since 2014. It rose from around 350,000 Bitcoin to just under 3 million in January of this year, which corresponds to an increase of over 750%.

From that point on it started to decrease. In August, the total amount of Bitcoin on exchanges dropped to 2.6 million. This week the number has dropped to 2.3 million. This equates to a total decrease of 23% – a significant amount.

As the equilibrium on the exchanges fell, the price of Bitcoin did well. While it initially fell to $ 4,000 (when the stock market crashed), it soon rebounded and passed the $ 10,000 mark for the longest run in history.

As the exchange rate continued to decline, the price of Bitcoin rose even further, rising to $ 19,500.

There may or may not be a causal link between the two, but they seem to be related in some way.

However, in the past 24 hours, the price of Bitcoin has dropped significantly. It has fallen from $ 19,299 to $ 17,266 – a factor that can affect the amount of Bitcoin that is routed to and from exchanges.