Bitcoin Whales Push Apex Crypto To $67K: What Happens Next?
Posted On October 17, 2024
Bitcoin (CRYPTO: BTC) exchange reserves have plummeted to a multi-year low, signaling growing institutional demand, but elevated price levels may cause short-term profit taking.
What Happened: CryptoQuant data, as reported by The Block, shows that over 51,000 bitcoin have been withdrawn from major cryptocurrency exchanges in the past month alone. This trend has reduced the liquid supply of bitcoin and suggests a long-term holding strategy among investors.
Julio Moreno, CryptoQuant head of research, told The Block, “Bitcoin exchange reserves have declined this year because of Mt. Gox distribution to creditors, as our total exchange reserve data included Mt. Gox reserves, and Coinbase exchange reserve declining, removing the …
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