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Bitcoin Balances on Exchanges Have Reduced to 2018 Levels: Bitfinex Report

July 25, 2023
in General
Bitcoin Balances on Exchanges Have Reduced to 2018 Levels: Bitfinex Report
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The latest weekly publication of Bitfinex revealed that bitcoin (BTC) balances on centralized exchanges have retraced to levels last seen in January/February 2018.

Bitfinex found that the balances have plunged by 32% from the 3.1 million BTC peak in March 2020 to 2.1 million now. At writing time, only 11% of BTC’ circulating supply was found on exchanges, indicating a significant decrease from the 17% recorded in March 2020.

Bitcoin Balances on Exchanges Plummet

The leading cryptocurrency platform attributed the declining BTC exchange balances to the increasing usage of alternatives like decentralized exchanges (DEXs) and funds not covered in the analysis. However, the overarching factor is considered to be the widespread movement of people withdrawing their BTC from exchanges.

“This is also a testament of how longer-term holders are moving coins to cold storage. We see this as a positive for the price as more investors indicate the desire to accumulate rather than trade. Furthermore, we see derivatives market participation continuing to increase, which has historically preceded a break to the upside, as spot prices keep decreasing,” Bitfinex said.

At the same time, market data shows consecutive inflows into crypto-backed investment funds, signaling that traditional investors are experiencing a renewed interest in bitcoin and increasing their demand for the asset.

Bitfinex cited the latest analysis by Coinshares, which discovered that crypto-backed investment funds saw a net inflow of $137 million last week, with 99% of the assets directed toward Bitcoin-backed entities. Over four weeks, the gross BTC inflows into crypto funds amassed $742 million, representing the largest since Q4 2021.

Bulls and Bears Continue to Struggle

While BTC exchange balances retrace, Bitfinex noticed some unusual whale activity within 72 hours. The exchange’s Whale Ratio metric recorded a significant surge of BTC being sent to exchanges, raising speculation about a potential new selling pressure.

However, upon deeper analysis, it was discovered that the U.S. Department of Justice was moving its seized BTC stash from the darknet marketplace Silk Road, after which they were re-distributed.

Meanwhile, BTC has been in a tight range between $29,500 and $31,500 for over 33 days, indicating that bulls and bears are still struggling. The leading cryptocurrency’s next direction is uncertain, but Bitfinex believes the outflows from short-Bitcoin funds could cause the asset to break out towards the upside.

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