Bitcoin Reserves Are At Their Lowest In History

The popular cryptocurrency Bitcoin fell to an all time low on exchanges.

Bitcoin reserves are at their lowest in history. Even though the bitcoin price fell by $ 10,000 a week, the “supply crisis” of the cryptocurrency was higher than usual. Bitcoin reserves on exchanges dropped to an all-time low, according to data released by the on-chain watchdog Glassnode.

Bitcoin Demand Increased Considerably

Bitcoin reserves on exchanges have declined significantly in recent months and are continuing to decline despite the fluctuating price action. Long-term investors seem to want to hide their assets by saying "hodl" rather than making profits even at all-time highs of over $ 60,000. BTC deposits on Coinbase have decreased by 150,000 Bitcoins since January. Coinbase, preferred by large-scale institutional buyers, shows that the BTC appetite has never stopped. According to Cointag's statements, Bitcoin deposits are moved to cold wallets. Willy Woo, who made a statement on the subject, said, "I think that US institutions and those who invest large amounts of money have taken the existing money from weak hands and switched to the "HODL" position to protect their investment against inflation." Woo said these powerful investors took over the supply released with every price correction in 2020, causing a wild uptrend. Bitcoin is currently trading at $ 54,629.