BTC Held On Exchanges Hits Lowest Point In 5 Five Years, Here’s What It Means For Bitcoin Price
Summary
Bitcoin price increased by 10% in the past week, surpassing $67,000. The Coinmarketcap Fear and Greed Index indicates a shift to greed due to strong buying momentum. Bitcoin exchange reserves have dropped to a five-year low of 2.6 million BTC, down from approximately 3.05 million BTC at the start of 2024. This decline is attributed to heightened institutional interest, particularly from Spot Bitcoin ETFs, and long-term holders accumulating BTC despite market corrections. The reduction in available BTC on exchanges suggests decreased selling pressure, potentially driving prices higher. Currently, Bitcoin is trading at $67,200, with expectations of approaching its all-time high of $73,737 by the end of October.
