Since the end of May, the number of Bitcoins stored on centralized exchanges has steadily declined, leaving about 2,000 BTC every day (about $ 66 million at current rates).
The network hash rate is down 55 percent because China cracked down on Bitcoin mining, which closed BTC mines across the country and moved companies overseas.
The relentless depletion of currency reserves was a major issue during the bull run that led to this climax. According to Glassnode, much of that BTC was sent to the Grayscale GBTC Trust or accumulated by institutions, resulting in “continuous net outflow from exchanges.”
Bitcoin price dumping in May
According to Glassnode’s July 12 on-chain report, Bitcoin reserves on centralized exchanges have plummeted to levels last seen in April when BTC hit an all-time high of over $ 65,000. When Bitcoin the prices have fallen However, in May this trend was reversed with coins being delivered to exchanges for liquidation.
The 50% drop in Bitcoin price from just under $ 60,000 on May 10 to a low of $ 30,000 during the worst of the sell-off on May 19 has many speculating that the bull market has peaked in 2021. With increasing outflows, the net transfer volume has moved back into negative territory.
Bitcoin’s live CoinMarketCap ranking is # 1. For now, BTC The value is $ 33,243.39 with a 3.00% change. The trading volume of Coin in the last 24 hours is $ 22,574,735,253 along with the market capitalization of $ 623,352,117,260. At the time of writing, its circulation, maximum and total offerings are 18,755,062.00 BTC, 21,000,000 and 18,755,062 BTC, respectively.
As of June 26, the total locked value has increased 21%, from $ 92 billion to $ 111 billion.
After a brief high of around 17 percent in May, the share of foreign currency deposits in on-chain transaction costs fell to a dominance of 14 percent this week, according to the study.
The chain’s withdrawal fee increased from 3.7 percent to 5.4 percent this month, suggesting a growing preference for accumulation over sales, according to the report. Over the past fortnight, the decline in foreign exchange reserves appears to have been accompanied by an increase in capital flows into decentralized financial protocols.
Bitcoin (BTC) starts a new week in familiar territory: key support has returned, but the bulls have yet to break out, and as Bitcoin (BTC) hashrate begins to improve, traders are now focusing on it, like more than 550 this week US dollars to be unlocked. Millions of GBTC shares in Grayscale will affect the price.