CryptoQuant.com data shows that over the past year, Bitcoin reserves on non-US exchanges such as Binance, OKX, and Bitfinex have increased by over 10%. Meanwhile, BTC reserves on US exchanges such as Coinbase, Gemini, and Kraken have decreased by at least 30%, with some experiencing a drop of up to 50% or more. Institutions are continuously buying Bitcoin, as evidenced by withdrawal amounts and wallet access records.
For example, in August alone, over 20,000 BTC were withdrawn from Gemini, accounting for approximately 25%. Market participants have significantly increased their risk exposure to derivative products, and Bitcoin open interest has reached an all-time high since November 2022. The Bitcoin futures market in August 2023 experienced the most severe long liquidation since FTX's collapse in November 2022.
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