ICYMI: over 70,000 $BTC worth $1.52 billion left exchanges in a single day Bitcoin BTC
The reserves held on exchanges have likewise kept going downhill nonstop, reaching multi-year lows throughout October and bouncing back to levels from January 2018. In essence, all coin volumes that entered exchanges since the peak of the last cycle have now been withdrawn into a nonexchange-related wallet.
According to Glassnode, over 123,500 BTC were taken out in the first three weeks of October alone, or 0.86% of the total supply. Even while exchange reserves are not a signal in and of themselves, in the context of bearish market conditions, it offers a positive backdrop.Most wallet cohorts showed a noticeable shift in their behavior toward balance changes in October.
In contrast to predictions for 2.4% growth, the third quarter of the U.S. economy had a 2.6% expansion. In contrast to the 1.6% and 0.6% contractions in the first and second quarters, the economy seems to be expanding. BTC declined to touch lows of $20,034 before slightly rebounding to around $20,134, where it trades presently.