Bitcoin Balance on Exchanges Hits A New 1-Year Low, Bull Market in the Making?

Bitcoin whale movements suggest the next bull market to start in mid-July while both retail and institutional investors continue to accumulate.

The market is green this week.

Bitcoin is currently trading just above $9,600, up 1.46% but on the back of $1.6 billion spot trading volume. While the price is trending up, the BTC balance on cryptocurrency exchanges continues to decline to hit new 1-year lows. Beating the low hit on June 19th, 2020 at 2,623,005.552 BTC.

On June 22nd, bitcoin balance on exchanges dropped to the 1-year low of 2,622,984.499 BTC, as per Glassnode.

Source: Glassnode
Source: Glassnode

This downtrend could be investors moving their coins off the exchanges to private wallets to hodl instead of taking profits.

Jesse Powell, CEO of crypto exchange Kraken is in favor of this decline as he advised people not to “leave more coins on Kraken than you need for your activity.”

“If we get a legit government order to close your account and hand over the coins, you can say goodbye to your precious savings. Great thing about crypto is you can self custody,” Powell warned.

With retail investors accumulating, as evident from the growing number of addresses and over 60% of bitcoin addresses not active for over a year, the preference seems to be of a higher-timeframe these days.

Not just retail investors, the number of addresses with 1,000 to 10,000 BTC has also shot up in the past couple of days. About 15 new bitcoin whales have joined the network in just three days.

Source: Santiment

This drop on BTC exchange balance could also be because of regulatory reasons as the Financial Conduct Authority (FCA) has given an ultimatum to crypto companies to apply for registration by the end of this month while earlier this month China started freezing bank accounts over crypto and fiat assets engaged in illegal activity.

This downtrend in bitcoin exchange balance could also be the indication that the next bull market is almost here.

“BUY BTC when whales send bitcoins out of the exchange. The BULL market usually starts four months after the exchange average withdrawal hits year-high,” said Ki Young Ju, CEO of CryptoQuant.

Source: @ki_young_ju

Bitcoin bull market is expected to start in mid-July as per the bitcoin whales movement on the exchanges.

Based on the data from 2013, when BTC whales are active, the market shows that the leading cryptocurrency is in an accumulation phase.

Meanwhile, the 3-month realized volatility of bitcoin is about to drop below the 2 months implied volatility for the first time in several months.

Bitcoin (BTC) Live Price

1 BTC/USD =$9,092.3898 change ~ -1.18%

Coin Market Cap

$167.5 Billion

24 Hour Volume

$4.07 Billion

24 Hour VWAP

$9.12 K

24 Hour Change

$-107.6298

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,196FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Russian Court Denies Appeal for $900K Compensation for Stolen Bitcoin; It's Not Property

A victim of a kidnapping in Russia who lost $90,000 worth of Russian Rubles and 99.7 in stolen Bitcoin, appealed to the court almost...

Bitcoin Price Dullness Reflects in Difficulty that Records its Lowest Drop since 2010

For the past two months, the price of bitcoin has been stuck in a range of $8,500 and $10,000. The leading cryptocurrency has been...

Litecoin Mimblewimble Testnet on Track to September Launch

While sharing the June progress, Grin developer David Burkett who is working on Mimblewimble implementation to the Litecoin network, said the testnet launch is...

Circle and Coinbase's USDC Becomes Second Stablecoin to Hit 1 Billion Circulating Supply

USDC, the dollar-pegged stablecoin launched by Circle and Coinbase back in October 2018, has become the second stablecoin to see its circulating supply surpass...

Boomers and Gen-X Double Their Bitcoin Investment, Recording More Growth than Millennials & Gen Z

According to a study by Mode Banking, “Bitcoin investments have been doubling every month since February among Boomers and Gen-X, signaling wider crypto adoption.” Interest...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today