The outflow of bitcoin from crypto exchanges continues to grow
June was especially difficult for bitcoin supporters, as its exchange rate fell by almost 38%, which was the worst monthly indicator since 2011
According to the analytical company Glassnode, due to the weakness of the market, most of the so-called bitcoin tourists left the sphere and only the most loyal holders remained. However, some factors indicate that the prospects for the crypto market are not so terrible and the base of holders remains strong.
Glassnode noted that significant clearing of active bitcoin wallets is common during major sales, as well as in early bear markets. Nevertheless, after the bear market of 2018, the scale of the exit decreased, which indicates an increase in the determination of the average bitcoin holder.
During the recent decrease in the number of addresses with a non-zero balance, only 1% of them completely got rid of assets, whereas in the period from April to May 2021 there were 2.8% of them, and in 2018 - 24%.
Bitcoin's network activity remains unimportant, and the most dedicated bitcoin holders continue to hold positions and will do so until market turmoil subsides and BTC forms a bottom.
In addition, traders are withdrawing their assets from exchanges at a rapid pace. Since March 2020, the volume of BTC stored on exchanges has decreased from 3.15 million coins to 2.4 million. Thus, the total outflow amounted to 750,000 BTC, of which 142,500 occurred in the last three months.
Another encouraging factor is the growing interest from wallets with a balance of less than 1 BTC, which represent the retail cohort of the crypto market. They buy bitcoin in the amount of 60,460 coins per month.
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