Traders began to withdraw BTC from the end of May

by in Cryptocurrency News

Bitcoin

Glassnode analysts drew attention to the changing tactics of users of cryptocurrency exchanges. At the beginning of the week, it became known that bitcoin miners are reducing the sale of coins and moving on to accumulating them.

Now experts said that, on average, exchange users send up to 2,000 BTC for so-called cold storage per day. That is, bitcoins totaling more than $ 66 million leave trading platforms every day.

Investors began to make the first such transactions at the end of May, but their activity peaked at the turn of June and July. The cryptocurrency exchange balance is approaching the minimum recorded in April when Bitcoin was close to $ 65,000.

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Funds are transferred not only to external storage but also to the DeFi decentralized financing market. Since the end of last month, the amount of funds locked in this ecosystem has grown to $ 74.2 billion.

Many experts always respond positively to information about the withdrawal of bitcoins from exchanges. They emphasize that this trend leads to the formation of a shortage of cryptocurrency, which, accordingly, creates conditions for the growth of its value.