Bitcoin’s Balance on Exchanges Hits a 4-Year Low Amid Traders Becoming Overly Optimistic

The balance of exchanges is decreasing as Bitcoin (BTC), continues to hover around the $20K mark.

Market analyst Ali Martinez explained:

“The last time the BTC balance on exchanges was below 2.38 million BTC was in late July 2018 when Bitcoin was trading at around $8,000.”




The bullishness of Bitcoin leaving crypto exchanges is because it symbolises a hodling culture. Coins are frequently transferred to cold storage or digital wallets for future use other than speculation. 


With BTC’s balance on exchanges dropping to a 4-year low, time will tell whether this will trigger the much-needed momentum to drive the leading cryptocurrency upwards based on its current consolidation around the psychological price of $20,000.


Michael van de Poppe believes that the $21,200 barrier should be broken in order to reach the wide market. Eight is the founder and CEO of education platform Eight. stated:

“No break of $21.2K for Bitcoin means some more consolidation. However, the next weeks will be crucial for EUR/USD. It is understandable to expect a slight reversal, and I also expect Bitcoin to continue to rise. Cracking $21.2K is a crucial one.”

Rekt Capital, a crypto trader, also shared similar sentiments. pointed out:

“It’s easy to become bullish on BTC on a green day & bearish on a red day. BTC is still only $19K to $222K. This will continue until either of these levels is broken.”

According to Bitcoin intraday trading, the $20.6K range was seen. CoinMarketCap.


Bitcoin traders show high levels of optimism suggesting that they anticipate a bullish momentum. Santiment is an on-chain insight provider stated:

“Bitcoin’s mild +8% July rise has been enough for crypto traders to begin breaking out the lambo & moon mentions again. This is a sign that traders are getting too optimistic, sarcasm included. Mentions hit their highest levels since Jan 18.”




BTC is also one of the most popular topics among investors because of its social dominance. Blockchain.News reported. 

Source: Shutterstock



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