Decentralized Exchange Bitcoin Reserves Hit Multi-Week Lows
According to CryptoQuant data, for most of December, Bitcoin reserves on major centralized exchanges remained around 2.04 million BTC. However, in the past 24 hours, over 33,000 BTC have been withdrawn, causing exchange reserves to reach multi-week lows, just slightly above 2 million BTC. In the last 24 hours alone, Coinbase has witnessed an outflow of over 19,000 BTC. The reduction in tokens on exchanges weakens selling pressure and supports the potential for price appreciation. An analyst explained that the on-chain transfer of Bitcoin from exchanges to cold wallets indicates diminishing confidence in the centralized monetary system
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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