Data: The BTC balance on exchanges is down to just 2.936 million, hitting a new low for this cycle.

On December 9, on-chain data analyst Murphy stated that the BTC balance on exchanges has dropped to only 2.936 million, hitting a new low for the current cycle. More BTC is being withdrawn to on-chain reserves rather than being deposited to exchanges for selling. The last time exchange balances were this low was on December 17, 2022, after the FTX collapse. The BTC balance on CEX platforms has a clear short-term impact on price; since the beginning of 2024, there have been four rapid increases in balance, all corresponding to periods of BTC price weakness. Recently, the BTC balance on CEX platforms has continued to decline, providing preconditions for a rebound. On-chain data shows that whale groups holding over $1 million and $10 million have acted in unison, mainly withdrawing BTC to on-chain wallets, while retail investors (under $100,000) tend to deposit BTC to exchanges. Analysts believe that the rebound after BTC stopped falling at $80,000 is not yet over.

BTC-1.75%
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