Josefjix
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October 17, 2020, 11:27:48 AM |
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Withdrawing funds from the exchange to personal wallets is more likely due to concern for their own security - since a lot of exchanges has been hacked or simply blown away in recent years. I'm not sure that your data supports your theory, but I still insist that such charts are related to the vulnerability of exchanges and the lack of guarantees for the return of lost funds in the event of hacks.
The first time the thread popped up, this is the same thing I reasoned. It could be people are withdrawing from exchanges to personal wallets due to high risk involved in those exchanges lately because of theft and hacks. As far as people still trade on exchanges, I don't think there is a reason to panic just yet. Let's wait for the bull run.
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ultrloa
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October 17, 2020, 12:16:14 PM |
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Withdrawing funds from the exchange to personal wallets is more likely due to concern for their own security - since a lot of exchanges has been hacked or simply blown away in recent years. I'm not sure that your data supports your theory, but I still insist that such charts are related to the vulnerability of exchanges and the lack of guarantees for the return of lost funds in the event of hacks.
The first time the thread popped up, this is the same thing I reasoned. It could be people are withdrawing from exchanges to personal wallets due to high risk involved in those exchanges lately because of theft and hacks. As far as people still trade on exchanges, I don't think there is a reason to panic just yet. Let's wait for the bull run. Maybe that is one of the reason why such things happen, recently there are several exchange got hacked so I think people are securing their funds for a while and putting it to their secured personal wallets while preferring it for a hold. Although I believe that there will be a bull run coming still we need to be aware for some market flaws gonna happen to avoid any losses for looking more forward for bigger price pumps came.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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Yey09
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October 17, 2020, 12:25:36 PM |
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Peole finally becoming smart enough to use non-custody solutions. There are more DEXes than it was before. Maybe this affects statistic too
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btc78
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October 17, 2020, 12:45:56 PM |
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Withdrawing funds from the exchange to personal wallets is more likely due to concern for their own security - since a lot of exchanges has been hacked or simply blown away in recent years. I'm not sure that your data supports your theory, but I still insist that such charts are related to the vulnerability of exchanges and the lack of guarantees for the return of lost funds in the event of hacks.
The first time the thread popped up, this is the same thing I reasoned. It could be people are withdrawing from exchanges to personal wallets due to high risk involved in those exchanges lately because of theft and hacks. As far as people still trade on exchanges, I don't think there is a reason to panic just yet. Let's wait for the bull run. Not only hacking is what concerns them but the idea about the coming bullrun maybe they are waiting for the correction first so they are getting ready to buy again when the prices dumps before going higher and higher. practically this is a good way of being ready . but of course maybe the reason also is what happen in Okex exchange that has been taking into authority recently,so people are taking off first to make sure they will not be affected in case the government are into exchanges.
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coolcoinz
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October 17, 2020, 12:56:41 PM |
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Makes me wonder if the time needed to move coins to an exchange will limit the supply during the next bull run and make the price skyrocket. Think about it for a moment. The supply is getting low now, with the demand being relatively stable because people are moving coins from the exchanges. When demand explodes people who would be inclined to sell will not be able to get their coins to exchanges fast enough to satisfy the demand. I'm not a trader so I won't really benefit from it, but a big bull run would be good for Bitcoin's image.
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Swopon
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October 17, 2020, 04:14:39 PM |
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The scenario is different from your posting to now. I think you will be happy to see the current price of Bitcoin in many exchanges. I have got some profit for holding these assets just for a few days. So it can be said that I am a little bit happy now. I want to see Bitcoin at least $15k within a short time. Expecting big changes in the market soon.
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Oasisman
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October 17, 2020, 10:43:52 PM |
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Not only hacking is what concerns them but the idea about the coming bullrun maybe they are waiting for the correction first so they are getting ready to buy again when the prices dumps before going higher and higher. practically this is a good way of being ready . but of course maybe the reason also is what happen in Okex exchange that has been taking into authority recently,so people are taking off first to make sure they will not be affected in case the government are into exchanges. Security will always be the prior reason why people are moving out of the exchange. Maybe some of them just realized the reality behind storing crypto in an exchange, that once you put those cryptos in a certain exchange you no longer own them, instead It's the under the control of the exchange already. Most of the crypto exchange doesn't have insurance to cover their clients loss if something bad happened to them . So, its better be safe than sorry.
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Findingnemo
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October 18, 2020, 10:16:48 AM |
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What if people are realizing about the cryptocurrency security and start moving their funds to their wallets? Recently Kucoin also got hacked so I see these are the reasons more than the bullish trend.
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(o)(o)ilikeboobs(o)(o)
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October 18, 2020, 12:50:24 PM |
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The numbers are real and I see people trading bitcoin less often, their hoarding trend since the bitcoin event plunged in March 2020. I don't know why bitcoins were collected. . The amount of more bitcoin gained is also increasing with the number of Tether released. I feel the hands of world tycoons silently buying bitcoin. Rare Bitcoin is an opportunity for a new bull run, I am very optimistic about this.
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fullhdpixel
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October 18, 2020, 08:04:11 PM |
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People who were economically stronger bought Bitcoins when the prices were crashed and basically they will hold their assets in long term and also exchange hacks are too often in the past years so people learned the importance of security while holding their funds.
Which is actually the right direction for crypto community because so many exchanges got hacked/scammed that it is hard to trust any exchange even if it is of the caliber of Binance because really it takes one bad day and you lose all the holdings just because of being lazy and not installing a wallet. I think reducing balance don't have much to do with people holding coins rather than trading but because people are now more aware and educated about how they can keep their coins in their grasp by holding the private key. I was someone who used to keep some balance on exchanges and I also kept some (not much) on Cryptopia and when they got hacked/scammed I immediately withdrew all coins I had on exchanges and pledged to never keep coins on exchange unless I want t trade them.
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exstasie
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October 18, 2020, 09:37:33 PM |
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Withdrawing funds from the exchange to personal wallets is more likely due to concern for their own security - since a lot of exchanges has been hacked or simply blown away in recent years.
I'm not sure that your data supports your theory, but I still insist that such charts are related to the vulnerability of exchanges and the lack of guarantees for the return of lost funds in the event of hacks.
Even so, that could still result in the same sort of bullish pressure discussed by the OP. If you have funds stored on exchanges, you are much more likely to trade them than if it takes effort and time to deposit every single time. I know from experience. This is actually a tool a couple HODLers I know have historically used: make cold storage difficult enough to access that they can't reasonably panic sell in a crash. It's the same idea, really.
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bits4books
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October 20, 2020, 08:13:20 AM |
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Withdrawing funds from the exchange to personal wallets is more likely due to concern for their own security - since a lot of exchanges has been hacked or simply blown away in recent years.
I'm not sure that your data supports your theory, but I still insist that such charts are related to the vulnerability of exchanges and the lack of guarantees for the return of lost funds in the event of hacks.
Even so, that could still result in the same sort of bullish pressure discussed by the OP. If you have funds stored on exchanges, you are much more likely to trade them than if it takes effort and time to deposit every single time. I know from experience. This is actually a tool a couple HODLers I know have historically used: make cold storage difficult enough to access that they can't reasonably panic sell in a crash. It's the same idea, really. This is also could be a reason - and I don't see anything wrong with it. In this case, it is not only profitable for whales to withdraw their funds to cold wallets and hold them, but also, as you correctly noticed, this allows you to limit yourself from FOMO attacks and do not make hasty decisions
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bits4books
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October 20, 2020, 02:00:57 PM |
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Withdrawing funds from the exchange to personal wallets is more likely due to concern for their own security - since a lot of exchanges has been hacked or simply blown away in recent years. I'm not sure that your data supports your theory, but I still insist that such charts are related to the vulnerability of exchanges and the lack of guarantees for the return of lost funds in the event of hacks.
The first time the thread popped up, this is the same thing I reasoned. It could be people are withdrawing from exchanges to personal wallets due to high risk involved in those exchanges lately because of theft and hacks. As far as people still trade on exchanges, I don't think there is a reason to panic just yet. Let's wait for the bull run. Not only hacking is what concerns them but the idea about the coming bullrun maybe they are waiting for the correction first so they are getting ready to buy again when the prices dumps before going higher and higher. practically this is a good way of being ready . but of course maybe the reason also is what happen in Okex exchange that has been taking into authority recently,so people are taking off first to make sure they will not be affected in case the government are into exchanges. It seems to me that the fear of another hacking of the exchange is quite a significant factor here. And the more people leave the exchanges, the faster they will start investing in providing even super - excess security instead of writing themselves (for example) regular bonuses or paying for crooked marketing and stupid "bring a friend" promotions, and so on. As soon as the exchanges resolve the security issue, the outflow of people will continue and distrust of exchanges as a place to store money will grow more and more.
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Dragonfund
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October 20, 2020, 03:30:26 PM |
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Maybe that is one of the reason why such things happen, recently there are several exchange got hacked so I think people are securing their funds for a while and putting it to their secured personal wallets while preferring it for a hold. Although I believe that there will be a bull run coming still we need to be aware for some market flaws gonna happen to avoid any losses for looking more forward for bigger price pumps came.
The first exchange hacked that happened last month was Kucoin exchange when hacker tamper with their cold wallet and move away approximately $200 million worth of different coins, it affect the entire market as the same week, Donald Trump was reported to be positive to corona virus. There have been another drama in Okex exchange about team who hold key to wallet exchange in police custody, who does that with such a huge funds? According to Bitcoin.com, about 187,000 BTC worth Over $2 Billion has been move from top Exchanges Since June. Compared the two image. Image A shows total amount BTC that was sitting on crypto exchanges on June 2020 Image B indicate the amount of BTC remaining on top exchange 4 days ago according to Bitcoin.comPersonally, there is no point for another person to keep holding my fund, it's not about trust, security comes first. An exchange can get hack and once insurance is not covered, you will get burned and end up with nothing. The time factor of refunding your account may take a while, the trumoil may be huge with market collapse.
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fillippone
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October 20, 2020, 04:35:49 PM |
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I am afraid this time the balance on the exchanges are reducing for the wrong reason, but ultimately the result could be the same, market wise.
My guess this time the balance of coins sitting on exchanges has been reducing over the last months not because people have become more conscious about the custody of their precious satoshi, so decided to withdraw on their wallet under the "not your keys, not your coins" mantra. On the opposite they have been retrieving their coins because they want to put them at work on the DeFi smart contracts. Wrapped BTC on the ETH ecosystem have topped recently. So not only people haven't learned anything regarding "NYK,NYC", but also they are actively giving always those keys to the DeFi contract where the technological risks sums to the trust risk.
The effect, as I said, could also be less coins to play with for the speculators, but the reason could be very much the wrong one.
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exstasie
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October 20, 2020, 10:08:05 PM Merited by fillippone (2) |
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The effect, as I said, could also be less coins to play with for the speculators, but the reason could be very much the wrong one.
The market is always right. ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
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yhiaali3
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October 21, 2020, 01:33:33 AM |
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It seems that there are many people preparing for a significant increase in the price of bitcoin, so most of them hold bitcoin in their wallets, this is of course in addition to whales collecting huge amounts of bitcoin as I mentioned before, all this leads to a lack of liquidity in the market and therefore it is possible that we will witness an upward trend Great Bitcoin in the coming period.
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DrG
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October 21, 2020, 02:05:44 AM |
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It seems that there are many people preparing for a significant increase in the price of bitcoin, so most of them hold bitcoin in their wallets, this is of course in addition to whales collecting huge amounts of bitcoin as I mentioned before, all this leads to a lack of liquidity in the market and therefore it is possible that we will witness an upward trend Great Bitcoin in the coming period.
Where are you seeing this lack of liquidity? Right now the central banks are still bending over backwards to get people to borrow money, it's just they don't want poor people to borrow money. They're perfectly happy lending to small and big business. The forums are giving me mixed signals. One thread talking about whales moving old coins out of cold storage and others talking about little bitcoin days being destroyed because nobody wants to sell.
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BuNga_cute
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October 21, 2020, 02:10:38 AM |
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Perhaps due to the current pandemic many people prefer to withdraw their Bitcoin from exchanges, and save in each personal wallet. This is only natural, considering that in a situation like now money is very valuable, so trading that has a high risk is avoided by some people. It would be better if we have Bitcoin holding in a personal wallet. Because for now it's safer like that.
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yhiaali3
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October 21, 2020, 03:52:55 AM |
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Where are you seeing this lack of liquidity? Right now the central banks are still bending over backwards to get people to borrow money, it's just they don't want poor people to borrow money. They're perfectly happy lending to small and big business.
The forums are giving me mixed signals. One thread talking about whales moving old coins out of cold storage and others talking about little bitcoin days being destroyed because nobody wants to sell.
I did not say that there is a lack of liquidity now, but I did say that collecting bitcoin by whales and holding by some people will lead to a shortage of bitcoin liquidity in the market. This is my opinion and it does not necessarily happen that completely, there are many things affecting the market.
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