Bitcoin Exchange Deposits at 8-Year Low... "Bottom and Rebound?"

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Daily BTC deposits at exchanges, 45,000
"BTC has laid the groundwork for further gains"

Source=CryptoQuant
Source=CryptoQuant
The amount of Bitcoin deposited in exchanges has reached a post-2016 low, suggesting that Bitcoin may soon rebound.

Alex Adler, an analyst at CryptoQuant, reported in a report released on the 29th that the daily Bitcoin deposits at exchanges were recorded at less than 45,000. This is the lowest level since 2016.

Adler explained that the low level of Bitcoin deposited in exchanges signals that investors have started to accumulate Bitcoin in their personal wallets rather than selling. He emphasized that "Bitcoin has always seen a big rally in such cases."

Adler forecasted that while Bitcoin is currently showing weakness by declining from $100,000, on-chain data shows a positive trend. He described that "the decrease in daily exchange deposits to a post-2016 low can potentially provide a more solid footing for additional Bitcoin gains."

Kwon Seung-won reporter ksw@blockstreet.co.kr

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