Since late May, the number of bitcoins held by centralized exchanges has been declining, with approximately 2,000 BTC (approximately US$66 million at current prices) flowing out of the exchange every day.
Glassnode’s July 12 Zhou Lian The report found that the Bitcoin reserves of centralized exchanges have fallen back to their lowest level since April, and that month BTC surged to a record high of approximately $65,000.
Researchers famous During the bull market that led to this peak, the relentless depletion of exchange token reserves was a key theme. Glassnode concluded that most of the BTC went to Grayscale GBTC Trust Or it may be accumulated by institutions to promote “continuous net outflow from the exchange.”
However, when Bitcoin prices plummeted in May, this trend reversed The coin is sent to the exchange for clearingNow, as the outflow increases, the net transfer volume returns to the negative region again.
“On the basis of the 14-day moving average, especially in the past two weeks, the return of foreign exchange outflows has been more positive, about 2000 bitcoins per day.”
The report also pointed out that the proportion of on-chain transaction fees represented by exchange deposits briefly reached about 17% in May, and dropped to a dominant position of 14% in the past week.
It added that on-chain fees related to withdrawals rebounded significantly from 3.7% to 5.4% this month, indicating an increasing tendency to accumulate rather than sell.
In the past two weeks, the decline in foreign exchange reserves seems to coincide with the increase in capital flowing to decentralized financial agreements.
according to sort outSince June 26, the total value of the lock-in has increased by 21%, climbing from US$92 billion to US$111 billion.