April 20, 2020 – BTC deposits to crypto exchanges hit its lowers point this year as holders move their assets away to safer wallets, reports Cointelegraph. Significant drops were seen in BitMex and Bitfinex.
Based on the data from Glassnode, the amount of Bitcoin on exchanges has decreased and exchange withdrawals have also decreased at a gradual pace.
From the Glassnode data, it appears the largest number of transfer to exchanges happened during the Bitcoin boom of December 2017 – January 2018, when the price reached almost $20,000 per bitcoin. There was a minor uptick to transfers around June – July 2019, when Bitcoin reached its 2019 high price of around $13,000.
Also, the average size of Bitcoin deposits has increased, suggesting that large volume traders or even institutions are the ones that are on exchanges.
Many people are expecting that the next bitcoin halving will have a good impact on the price, which is why many are keeping their bitcoins outside of exchanges. Crypto exchanges are a constant target of hackers, that’s why many opt for hardware wallets or even paper wallets and non-custodial wallets for safekeeping.
This article is published on BitPinas: BTC Deposits to Crypto Exchanges Are at Their Lowest Since 2016