[2020-11-16] $2.3 billion in BTC was withdrawn from exchanges in a month

[Best_Change]

$2.3 billion in BTC was withdrawn from exchanges in a month


From October 15 to November 15, exchange reserves in bitcoins fell from 2.5 million to 2.355 million coins — the lowest level since August 2018.

During this time, users withdrew about 145,000 BTC worth of $2.35 billion, according to the CryptoQuant portal. During the same period, miners mined about 27,000 BTC, which is 5 times less than the amount withdrawn from the exchanges.

“This aggressive accumulation trend seen in the Bitcoin market shows that investors anticipate a prolonged post-halving uptrend,” said Cointelegraph analyst Joseph Young.

Source: https://cointelegraph.com/news/2-3b-in-bitcoin-exchange-outflows-dwarfs-the-amount-of-new-btc-mined
 
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[error08]

Simply supply and demand driving bitcoin to the new level.
No wonder Bitcoin is bullish these days, institutional-investors actually consistently invest in bitcoins into their reserve that pushes the price to this point.
if the bitcoin-holders position remains positive bitcoin may break the resistance of $16,9k mark within hours, it could extend to above $17k before finding a significant resistance.

[Fatunad]

Simply supply and demand driving bitcoin to the new level.
No wonder Bitcoin is bullish these days, institutional-investors actually consistently invest in bitcoins into their reserve that pushes the price to this point.
if the bitcoin-holders position remains positive bitcoin may break the resistance of $16,9k mark within hours, it could extend to above $17k before finding a significant resistance.

Is there some significant resistance at the moment? yet bitcoins price tends to break those resistances every now and then thats why im barely checking out some technicals
at the moment due to this very reason.Its totally unpredictable at the moment and still have lots of question on what is the next possible resistance and we do always presume
with that +-1000 thresold neither on being a resistance or a support.For the topic about this big amount being withdrawn? This isnt something new specially when the market
tends to be bullish then expect for this numbers.

[bryant.coleman]

This just mean that the users are becoming more careful. I am someone who have lost my cryptocurrency multiple times by holding them in exchange wallets. I lost considerable amounts, when exchanges such as Wex.nz and Cryptopia went down. Also, the hacking attempts always increase, when there is a rally in the exchange rates. So I would say that the users are doing the right thing.

[Karartma1]

That's a nice downtrend that clearly shows that an increasing number of people (and companies) understand how important it is to store their own keys. 2.355 million coins being held currently at exchanges around the world is a huge number still.
Repeating myself here: one day, when the supply shock will hit, people will realize there are enough coins for everyone. Keep stacking sats.

[Vishnu.Reang]

That's a nice downtrend that clearly shows that an increasing number of people (and companies) understand how important it is to store their own keys. 2.355 million coins being held currently at exchanges around the world is a huge number still.
Repeating myself here: one day, when the supply shock will hit, people will realize there are enough coins for everyone. Keep stacking sats.

I don't think that all the 2.3 million coins belong to the users. The exchanges themselves store most of their assets and profits in the form of Bitcoin. Larger exchanges such as Binance and Huobi may be holding hundreds of thousands of coins on their own. My guess is that only around 1 million to 1.5 million coins may belong to the users.

[error08]

~

Is there some significant resistance at the moment? yet bitcoins price tends to break those resistances every now and then thats why im barely checking out some technicals
at the moment due to this very reason.Its totally unpredictable at the moment and still have lots of question on what is the next possible resistance and we do always presume
with that +-1000 thresold neither on being a resistance or a support.For the topic about this big amount being withdrawn? This isnt something new specially when the market
tends to be bullish then expect for this numbers.

Yes, there is significant resistance to be faced, right now Bitcoin is moving up without any problems, but some people estimate the actual resistance should be $18k or $20k, Bitcoin might struggle to break the $20k mark due to the big 'sell' wall at $19k~.
It's not the amount being withdrawn but the opposite, it shows that people hold bitcoin, prepare for the higher target, most of them and us expecting $20k.

[Fredomago]

That's a nice downtrend that clearly shows that an increasing number of people (and companies) understand how important it is to store their own keys. 2.355 million coins being held currently at exchanges around the world is a huge number still.
Repeating myself here: one day, when the supply shock will hit, people will realize there are enough coins for everyone. Keep stacking sats.

I don't think that all the 2.3 million coins belong to the users. The exchanges themselves store most of their assets and profits in the form of Bitcoin. Larger exchanges such as Binance and Huobi may be holding hundreds of thousands of coins on their own. My guess is that only around 1 million to 1.5 million coins may belong to the users.

Possible since those exchange owners are also anticipating the huge market rise. But it's much better that the huge numbers of coins belongs or split to more people not just those exchanges owners. No one knows how far this big holders will keep storing their assets, the good thing right now is the value are keep rising as supply and demand being followed.

The more holdings that may take place the better results for the current value of coin that still exist around the market. We will expect more as new investors will comes up and start investing after realizing the full potentials of this crypto currency.

[TalkStar]

That's a nice downtrend that clearly shows that an increasing number of people (and companies) understand how important it is to store their own keys. 2.355 million coins being held currently at exchanges around the world is a huge number still.
Repeating myself here: one day, when the supply shock will hit, people will realize there are enough coins for everyone. Keep stacking sats.

Its not like that they are withdrawing their money just for storing their own keys where professional traders usually like to move their fund which they made through trading. As a bitcoin trader i also do the same and love to separate my extra assets which helps me to keep knowledge about my trading portfolio. No one gonna keep their fund forever in exchanges where they can withdraw it anytime for their personal need.

Most probably due to bitcoin's recent price growth number of withdrawal is increasing and people are converting their assets to anything else or storing as usdt & cash. I would like to say this a part of regular trading.

[Harlot]

That's a nice downtrend that clearly shows that an increasing number of people (and companies) understand how important it is to store their own keys. 2.355 million coins being held currently at exchanges around the world is a huge number still.
Repeating myself here: one day, when the supply shock will hit, people will realize there are enough coins for everyone. Keep stacking sats.

I don't think that all the 2.3 million coins belong to the users. The exchanges themselves store most of their assets and profits in the form of Bitcoin. Larger exchanges such as Binance and Huobi may be holding hundreds of thousands of coins on their own. My guess is that only around 1 million to 1.5 million coins may belong to the users.

Possible since those exchange owners are also anticipating the huge market rise. But it's much better that the huge numbers of coins belongs or split to more people not just those exchanges owners. No one knows how far this big holders will keep storing their assets, the good thing right now is the value are keep rising as supply and demand being followed.

The more holdings that may take place the better results for the current value of coin that still exist around the market. We will expect more as new investors will comes up and start investing after realizing the full potentials of this crypto currency.

I don't think you need to add in exchanges to that number since the keyword here is "withdrawn out of their exchange" meaning users are the ones trying to take them not the exchanges itself. The article even continues saying that it is coming from the reserves of these exchanges. With that being said if exchanges are planning to hodl their Bitcoin I don't think they will withdraw it through this way but they will already have reserves and cold storages doing that kind of work already.

[bryant.coleman]

Most probably due to bitcoin's recent price growth number of withdrawal is increasing and people are converting their assets to anything else or storing as usdt & cash. I would like to say this a part of regular trading.

Well.. it is possible. A lot of cryptocurrency users are wary of keeping their assets in exchange wallets. Every year we have well publicized exchange hacks and a lot of users lose their hard earned money in them. And unless the exchange is reimbursing those coins (Binance and BTC-e are the only two exchanges which have done this), it is just gone. For example Mt Gox users are waiting for any reimbursement, for the last 6 years.

[Argoo]

This is very encouraging information.  Cryptocurrency market participants no longer expect a situation when it will be necessary to sell their bitcoins very quickly.  This indicates that they are moving into a long-term retention regime in anticipation of significant price growth.  So far, everything is going very optimistic for the continuation of the bull market.

[coolcoinz]

This is very encouraging information.  Cryptocurrency market participants no longer expect a situation when it will be necessary to sell their bitcoins very quickly.  This indicates that they are moving into a long-term retention regime in anticipation of significant price growth.  So far, everything is going very optimistic for the continuation of the bull market.

On one hand it is encouraging, on the other it's a beat scary because the majority usually is wrong when it comes to investing. For instance, the majority was wrong about the 2016 bear market when most people were selling and getting out of crypto, thinking that after Mt.Gox collapse and bans in China, there will never be a new high. I'm holding, like I did last year, but It was actually easier to hold at 10k than it is now when FOMO has started.