CryptoQuant.com summarized the changes in the Bitcoin market over the past year on the X platform (formerly Twitter). The data shows that over the past year, Bitcoin reserves on non-US centralized exchanges (CEX) such as Binance, OKX, and Bitfinex have increased by more than 10%. BTC reserves on US CEX such as Coinbase, Gemini, and Kraken have decreased by at least 30%, with the highest drop even exceeding 50%.
From the withdrawal amount and deposit and withdrawal records of wallets, institutions are constantly buying Bitcoin. In August alone, more than 20,000 BTC were withdrawn from Gemini. Participants in the futures market have significantly increased their exposure to derivatives, and Bitcoin contract positions have reached a historical high since November 2022. In August of this year, the Bitcoin price experienced the highest long liquidation record since the FTX collapse in November 2022, with a significant pullback in the market.
All Comments