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Data: The BTC balance on the exchange is only 2.936 million, hitting a new low in this cycle.
BlockBeats News, December 9th. On-chain data analyst Murphy stated that the balance of BTC on exchanges has dropped to only 2.936 million, hitting a new low in this cycle. More BTC has been moved off exchanges as reserves rather than being sent to exchanges for selling. The last time the exchange balance dropped to the current level was after the FTX flash crash on December 17, 2022.
Notably, the balance of BTC on the Binance exchange has had a significant short-term price impact, with 4 rapid increases since the beginning of 2024, all corresponding to a weakening BTC price. Recently, the BTC balance on the Binance platform has continued to decline, setting the stage for a rebound. On-chain data shows that both whale groups with holdings worth more than 1 million and 10 million USD are primarily withdrawing from exchanges, while retail investors (holding less than 100k USD) tend to deposit into exchanges. Analysts believe that the rebound of BTC from $80k is not yet over.
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