Huobi Drives Exchange Bitcoin Balances Even Lower Today

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The below is from a recent edition of the Deep Dive, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

As we’ve noted in previous Daily Dives, one of the most interesting on-chain trends over the last two years is the secular shift in the trend of exchange balances. Since March 2020, total balances on exchanges have fallen by nearly 630,000 BTC, roughly a 20% decline. Typically bitcoin leaving exchanges is a bullish macro indicator for price and adoption, as now that bitcoin can’t be sold or exchanged on the market.