Bitcoin exchange supply continues to decline, but BTC returns will change fortunes

  • The supply of centralized exchanges remains depleted despite the increase in Bitcoin network activity.
  • The bulls may need to keep their cool as the 30-day SMA headlines did not cross the 365-day SMA.

The lie in FTX, along with the devastation of 2022, has led many bitcoin [BTC] holder to transfer it into private custody. However, other unaffected exchanges were quick to respond in an effort to restore investor confidence. Led by Binance [BNB]Exchanges with millions of users Proof of Reserves (PoR) the system.

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Will the exchange return to normal?

Despite attempts, the procedure did not produce significant results. According to Jan 18 Santiment to updateOver the past 365 days, BTC supply has decreased from 11.85% to 6.65%. This data was drafted from supply operations Of the six largest exchanges, Kraken has been the hardest hit.

Source: feeling

Metric status means that the king coin holders have not left their positions on the safety of their assets in their hands. But with one BTC setup Amazing performance Shouldn’t the stock markets have been getting more supply in the past two weeks?

But there are many factors that could be at play besides the Sam Bankman-Fried (SBF)-led stock market crash. Lately, Gemini has had its own share of problems. albeit under different conditions Problems affecting Gemini They also tend to negatively affect their users. So, this was another good reason for BTC holders to overlook uncustodial platforms.

About OTC Width Measurement, Santiment open It increased continuously. At the time of writing, it is 18.1 million, with BTC trading at $21,200.

Over-the-counter Bitcoin price and supply

Source: feeling

BTC is back, but it could be better

Moreso, the BTC trend has helped change the fortunes of some investors who were affected by the decline in 2022. This was because Bitcoin came back above the realized price. Therefore, this ensures that the average BTC holder’s assets are above the red.

Realistic or not, here it is The market cap of BTC in terms of ETH

Moreover, it may still be difficult for the bitcoin rally to contribute to the oversupply of the exchange. This claim was because Glassnode’s report showed that it was not yet a fully bull market. Instead, the opportunity to get out of the Reds was under way.

According to the report, the 30-day simple moving average for new addresses has only outperformed the 365-day simple moving average for one month. For the bullish advantage to be confirmed, the first must have outperformed the second by at least 60 days. But since that was not the case, the hike had the chance of being a wrong move. But the 30-day offer signaled a boost in the network’s growth and activity.

The new bitcoin handles momentum

Source: Glassnode

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