Crypto NewsAnalysisWhat Has Changed in Bitcoin in the Last Year? Cryptoquant Analysts Explained

What Has Changed in Bitcoin in the Last Year? Cryptoquant Analysts Explained

Cryptocurrency company CryptoQuant analysts evaluated the changes in the Bitcoin market in the last year.

Follow Bitcoin Sistemi Google News Button

Cryptocurrency analysis company CryptoQuant has revealed some of the changes that have occurred in Bitcoin over the past year.

The data shows that US-based centralized exchanges have seen a significant decrease in Bitcoin reserves, while non-US exchanges are increasing their reserves. The data also reveals that companies are constantly accumulating BTC and the recent price action has been driven by the futures market.

Bitcoin reserves on non-US exchanges such as Binance, OKX, and Bitfinex have increased by more than 10% over the past year, according to CryptoQuant.

On the other hand, BTC reserves of US-based exchanges such as Coinbase, Gemini and Kraken decreased by at least 30%. The recent regulatory pressure in the US has probably led investors to offshore exchanges.

Related News  Giant Cryptocurrency Whale Keeps Buying Into His Portfolio As Altcoins Fall: Accumulated Throughout August

CryptoQuant also analyzed the amount and pattern of Bitcoin withdrawn from centralized exchanges, which could indicate the possibility that institutional investors are saving. For example, in August alone, more than 20,000 BTC was withdrawn from Gemini, one of the most popular exchanges among institutional investors, roughly 25% of the company's total BTCs.

The company tracked these withdrawals and found that they were transferred to wallets such as 1QB, 1Et and 35g, which are known to belong to institutional investors or custodians.

CryptoQuant reports that Bitcoin open interest, which measures the total value of existing contracts, has reached an all-time high since November 2022.

*Not investment advice.

Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!



Buradaki Yorumlardan Bildirim Al
Bildir
guest

0 Comments
Latest
The oldest Top Rated
Inline Feedbacks
View all comments

Popular Posts of the Week