Bitcoin prices have regained momentum during the last two days as the price per coin touched a March 2021 high at $54,822 on Tuesday morning (ET). Back in December 2020, it was noted that bitcoin on exchanges dropped to a three-year low and this year bitcoin exchange balances continue to plummet. A whopping 189,000 bitcoin was withdrawn from the top five leading cryptocurrency exchanges since October 2020.
Bitcoin Exchange Balances Plunge on a Myriad of Popular Crypto Trading Platforms
The price of bitcoin (BTC) is doing well this week and at the time of writing, the leading crypto asset is currently exchanging hands for $53,820 per coin. Last week, the price was much lower hitting a low of $43,171 per unit on Bitstamp on February 28. Meanwhile, onchain data shows that bitcoin exchange balances held on popular trading platforms are continuing to deplete.
On March 7, the sophomore finance major, William Clemente III tweeted about bitcoin balances on exchanges taking another dive. Clemente shared a chart from the onchain crypto analysis web portal Glassnode.
— William Clemente III (@WClementeIII) March 7, 2021
The onchain analysis aggregator Glassnode stats show that popular trading exchanges like Coinbase, Binance, Huobi, and many other platforms lost 20% of bitcoin balances during the last 12 months. As usual, bitcoiners believe that the data suggests investors are accumulating, rather than selling the bitcoin on exchanges. For instance, news.Bitcoin.com noted that exchange balances were sinking in December 2020 and draining in October 2020 as well. On October 16, 2020, our newsdesk reported that 187,000 BTC had been withdrawn by customers since June 2020.
During the Last Four Months, the Top Five Crypto Exchanges by Bitcoin Balance See 189,000 BTC Withdrawn by Customers
144 days ago in mid-October, Coinbase was the leading exchange with the…