According to Glassnode, bitcoin balances on exchanges have dropped to 2018 levels
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- “Hands of Paper” give up their BTC
- Institutions keep taking the plunge
Leading bitcoin-related Twitter account @BTC_Archive has shared a Glassnode chart showing that BTC is currently moving from centralized crypto exchanges to lows seen in almost four years ago—2018.
At the time, the crypto winter dominated the market, and the price of the leading digital currency fell to $7,200.
According to Glassnode charts, the supply of bitcoin on exchanges has been gradually declining since peaking in the first half of 2020.
Last time #bitcoin The supply on the exchanges was so low, the price was $7,200! I pic.twitter.com/hyxmby7aya
— Bitcoin Archive (@BTC_Archive) 6 April 2022
“Hands of Paper” give up their BTC
As of April 6, bitcoin has declined from the $46,783 level to a low of $44,110, a decline of 5.71%.
According to data from Coingglass, a total of $340 million has been liquidated in the last 24+ hours; $54.31 million was wiped out in just four hours.
This pushed the overall value of the crypto market down by about 5% to the level of $2.04 trillion.
The fall in the price of bitcoin has caused the rest of the crypto market to go down while bathing in the red. This was a reaction to the stock market decline.
Institutions keep taking the plunge
While traders are selling, institutional investors are buying in the downside. As reported by U.Today on April 5, a subsidiary of the almost identically named MicroStrategy – MacroStrategy – had acquired another large bitcoin amount, increasing its BTC stash.
The company bought 4,167 bitcoins for this amount of crypto, paying approximately $190.5 million.
MacroStrategy bought an additional 4,167 bitcoins for ~$190.5 million at an average price of ~$45,714 per #bitcoin, MicroStrategy as per 4/4/22 #hodls ~129,218 bitcoins achieved for ~$3.97 billion at an average price of ~$30,700 per bitcoin. $mstrhttps://t.co/Z45OuJU5KI
— Michael Saylor⚡️ (@saylor) April 5, 2022
Also, this morning, LUNA Foundation Guard was acquired A total of 3,964 bitcoins Recently after making the last BTC purchase. The foundation now holds a total of 34,691.9 BTC.