$2 Billion in Bitcoin left Cefi likely for cold storage in the past 3 months. This increases to over $6 Billion in the past 6 months. This is a major bullish signal as less Bitcoin on exchanges means much less selling pressure especially with ETF hype

Data on CryptoQuant Bitcoin reserves shows some astonishing data.

https://preview.redd.it/xgtc262j9lxb1.png?width=2048&format=png&auto=webp&s=6e9da64fe722333f35965583848b620c6cec0982

Bitcoin reserves in the past 3 months on exchanges have fallen by $2 Billion. This indicates that a lot of people are removing Bitcoin from exchanges and into their personal wallets. Ordinarily, Bitcoin is removed from exchanges when users want to hold it for long term which tends to keep the price higher or at worst just stable. There's also the opposite when traders move Bitcoin to exchanges to sell them. Thus $2 Billion removed from exchange in the past 3 months is bullish news.

On top of this, in the past 6 months, the Bitcoin removed from exchanges increases to well over $6 Billion. Now, Bitcoin removed from exchanges can be Bitcoin that will be traded on Defi instead but traditionally this only contributes a very small percentage and the majority of it is most to cold storage for long term HODLing.

This implies great support for the price of Bitcoin if not outright a price increase, especially with hype about the spot ETF.

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18 thoughts on “$2 Billion in Bitcoin left Cefi likely for cold storage in the past 3 months. This increases to over $6 Billion in the past 6 months. This is a major bullish signal as less Bitcoin on exchanges means much less selling pressure especially with ETF hype”

  1. Daily reminder to take your crypto off exchanges. Not your keys, not your crypto.

  2. Cold storage? In my case, yes. But it could go to hot wallets because r/cc users believe that it’s safer than keeping it on a CEX.

  3. Bullish indeed. Once BTC leaves exchanges, sellers lose power. Buckle up friends, we’re in for an exciting ride!

  4. We’ve been hearing about ‘bullish’ accumulation off exchange for years.

    Yawn

  5. People continue to take their crypto off any exchange and not use it in any way that might incentivize or drive adoption. Bitcoin community “this is good for Bitcoin!”

  6. You do realize that a spot ETF is not going to buy crypto on an exchange. It’s going to swap it OTC in BIG chunks. Possibly even borrowing it from big exchanges or institutions like Tether or Microstrategy…

    Big industrial strength funds won’t be tapping liquidity pools on DeFi.

    Now is a GOOD time to get crypto off exchanges.

  7. Exchange balance has been going down since the pico top of the previous bull run, it means absolutely nothing in the grand scheme of things when you have paper bitcoin being sold and cme becoming the 2nd largest exchange by volume.

  8. Unfortunately bitcoin can go back on exchanges just as quickly as it leaves exchanges.

  9. Or it got stolen!

    Hm, tough times when that’s the first solution that comes to mind. Too many unfortunate headlines these days about successful scams and hacks.

  10. Exchange balances are one of the most nonsaying, utterly useless metrics that people have ever used in crypto, period.

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