{"id":11250,"date":"2020-06-27T06:15:10","date_gmt":"2020-06-27T06:15:10","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=11250"},"modified":"2020-06-27T06:19:21","modified_gmt":"2020-06-27T06:19:21","slug":"news-commentary-1097-bitcoin-is-money-but","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=11250","title":{"rendered":"News Commentary #1,097 – Bitcoin on Exchange Wallets – Meaning For the Price"},"content":{"rendered":"\n

14% of Bitcoin\u2019s Circulating Supply is on Centralized Exchange Wallets..<\/strong><\/p>\n\n\n

This is another informative article from zycrypto portal about correlation of BTC\/USD price with amount of BTC on exchangers which you may read in order to understand a bit more what this this might mean for the price of Bitcoin.<\/p>\n\n

\n

\u201cNot your keys, not your BTC\u201d is a famous saying in the cryptocurrency space that means BTC on exchanges technically belongs to the exchanges since they hold the private keys to the funds. It seems the saying has not discouraged BTC holders from using exchanges as 14% of BTC\u2019s circulating supply, amounting to over 2.6 million coins currently sits on centralized exchange wallets.<\/p>\n

Exchanges with the biggest share of BTC include Coinbase, which holds roughly 954,000, Huobi with 364,000, and Binance with 267,000. This is\u00a0according to data\u00a0released by the on-chain data analysis platform, Glassnode.\u00a0<\/p>\n

\"\"<\/figure>\n

Exchanges hold significant amounts of BTC<\/strong><\/h2>\n

Although the current 14% wallet balance on exchanges sounds big, it is just what is left following the massive outflow of BTC from exchanges earlier this year. After the\u00a0third halving\u00a0which happened in May, 70% of BTC balance on exchanges was withdrawn. It was speculated that the withdrawals were in anticipation of a bull run as a result of the halving. Whatever the reason, this shows that exchanges still hold a significant amount of BTC\u2019s total circulating supply.<\/p>\n

This number is expected to go up as miners recently started sending Bitcoins to exchanges again after the sell-off. According to Glassnode, miner\u2019s net flow of BTC into or out of their wallets hit its lowest of -2,935 BTC since June 2019. This shows that miners have experienced the highest outflow of BTC in the last year and 97% of the BTCs have been sent to centralized exchange wallets.\u00a0<\/p>\n

\"\"<\/figure>\n

What this means for Bitcoin price<\/strong><\/h2>\n

It is a trend in the Bitcoin market that miners sending Bitcoins to exchanges precede a bearish move for the cryptocurrency. This may explain why the asset has not been able to sustain an upward price movement towards $10,000 in spite of the spike earlier this week. Although the price is still holding on above $9,000 now, a crypto trader and analyst Josh Rager, says it may likely\u00a0break down to $8,500 soon.\u00a0<\/p>\n

If this becomes the case, it may just be a matter of time before retail investors also start sending their Bitcoins to exchanges as well. Will this cause a further dip or what happens next?<\/p>\n<\/blockquote>\n\n

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14% of Bitcoin\u2019s Circulating Supply is on Centralized Exchange Wallets.. This is another informative article from zycrypto portal about correlation of BTC\/USD price with amount of BTC on exchangers which you may read in order … News Commentary #1,097 – Bitcoin on Exchange Wallets – Meaning For the Price<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":10984,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[4319,4315,3669,3656,3658,4318,4317,4316],"class_list":["post-11250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-binance-exchanger","tag-bitcoin-on-exchangers","tag-bitcoin-price-update","tag-btc-news","tag-btc-price","tag-correlataion-btc","tag-crypto-world","tag-exchangers-crypto","exalt-entry"],"yoast_head":"\nNews Commentary #1,097 - Bitcoin on Exchange Wallets - Meaning For the Price - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=11250\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,097 - Bitcoin on Exchange Wallets - Meaning For the Price - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"14% of Bitcoin\u2019s Circulating Supply is on Centralized Exchange Wallets.. 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