Investors have been withdrawing bitcoins from trading floors over the past few months. The positive effect began to be felt already in October when the value of the cryptocurrency began to add aggressively.
According to Arcane Research, exchanges currently have the lowest BTC volume since January 2018. For Bitcoin, the reduction in the exchange balance is a positive factor contributing to its long-term strengthening. Selling pressure has eased since last month.
The outflow of BTC is being watched by almost all major platforms, including Binance, Coinbase, and Huobi.
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Traders withdrew about 21,000 coins from the Binance exchange in a week, according to the report of the researchers. About 8,000 bitcoins left the Huobi platform during the same time. In October, the cryptocurrency exchange balance fell to 12.94% of the total BTC supply (2.44 million coins).
Analysts stressed that a total of 27,500 bitcoins left the trading platforms over the week.
Investors withdraw not only BTC from exchanges but also ether. According to ViewBase, during the month 309,936 ETH left the trading platforms for a total amount of up to $ 1.31 billion. On the night of Friday, October 29, bitcoin and ether are traded at $ 60,985 and $ 4249, respectively.