After Bitcoin’s Rise Above $30,000: BTC on Exchanges is at its Lowest Since December 2017

Bitcoin started the week on a strong note, reaching above $30,000 after a sharp rally. Market participants catalyzing this trend are delisting their BTC from centralized exchanges as investor confidence in this platform continues to wane.

• Bitcoin held on exchange addresses has been steadily declining following the COVID-19 crisis. As per latest from glassnode Analysis,
• In fact, the figure dropped by 11.7% to 2.27 million BTC, the lowest since December 21, 2017.
• Such a trend is generally considered bullish for the underlying asset.
• Further validating this trend is the decline in the “exchange whale ratio,” a metric that measures the ratio between the sum of the top ten bitcoin transactions on exchanges and total exchange inflows.
• cryptoquant data suggest The market may be under selling pressure right now as low values ​​of the “Exchange Whales Ratio” indicator mean that whales are accumulating rather than selling significantly more than the rest of the market during such periods. It further added that the current market condition resembles the upward cycle of 2019.
• The recent jump in the price of bitcoin was prompted by the world’s largest asset manager BlackRock filing an application with the SEC for a spot BTC exchange-traded fund (ETF).
• The development soon prompted two more US asset managers — WisdomTree and Invesco — to file new ETF applications last week, with Valkyrie doing the same soon after.