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Home»Bitcoin»Bitcoin Exchange Deposits Plummet to Six-Year Low – What This Means for BTC
Bitcoin

Bitcoin Exchange Deposits Plummet to Six-Year Low – What This Means for BTC

2024-09-17No Comments3 Mins Read
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  • Bitcoin exchange deposits have hit a six-year low, marking the lowest level of BTC deposits in that time.
  • That said, HODLERS are crucial to avoid a drop to the $55,000 support.

Bitcoin [BTC] Bulls suffered another setback after a brief weekend spike that pushed BTC above $60,000. With three consecutive red candles, BTC has retreated to $58K.

While analysts are divided on whether $60,000 is support or resistance, there is a new CryptoQuant report shows that Bitcoin exchange deposits have hit a six-year low of 132,100, indicating reduced selling pressure.

Could this milestone help BTC avoid a drop to $55,000?

Drop in BTC exchange indicates increasing hodler dominance

The chart shows fewer Bitcoin exchange deposits, which is usually a bullish signal. Economically, reduced supply can increase the value of each BTC token.

While for investors, less BTC on the exchanges indicates confidence in price recovery.

Bitcoin exchange at its lowest level in 6 yearsBitcoin exchange at its lowest level in 6 years

Source: CryptoQuant

Additionally, AMBCrypto’s analysis shows that spikes in BTC exchange deposits typically align with BTC testing high price levels, indicating profit-taking strategies and often leading to steep declines, indicating potential accumulation.

Conversely, fewer deposits indicate greater scrutiny by long-term hodlers, as observed over the past six years since the last peak.

Simply put, the Bitcoin space is now dominated by hodlers who are confident of a price correction.

Bitcoin exchange is dominated by holersBitcoin exchange is dominated by holers

Source: IntoTheBlock

As expected, the number of hodlers has risen to 38 million, a staggering 375% increase from 8 million six years ago. Notably, hodlers who have owned BTC for more than a year now represent 70.77% of the total number of addresses.

Surprisingly, this percentage exceeds the amount observed during the mid-March rally when BTC reached its ATH.

See also  Bitcoin ETF Outflows Are Rising: Could ETH ETFs Be the Next Safe Bet?

In short, long-term holders are crucial to avoid a drop to $55,000 – but what are the chances?

The odds are intriguing

Currently, 58.27% of LTH are making profits, down from a peak of 74% on March 13 – a drop of 16%. Historically, a decline in profit margin after reaching a high months later can signal a potential bear market.

LTH remains profitableLTH remains profitable

Source:

In short, while most LTH remains profitable, the weakening margin could indicate a slowdown or bearish trend ahead.

However, despite mounting losses since the March peak when BTC tested $70,000, LTH’s continued support signals belief in a possible price correction.

If this trend continues, LTH could delay sales, as evidenced by reduced BTC exchange deposits.

Additionally, a possible Fed rate cut could push BTC to a new ATH, assuming BTC deposits on exchanges continue their downward trend. Will they?

Time will tell

During the 30-day lookback period, LTHs sold a significant portion of their holdings for the first time on September 16, coinciding with BTC’s return to $58,000.

Bitcoin LTH saleBitcoin LTH sale

Source: Glassnode

As mentioned earlier, recovery requires LTHs to support their positions by avoiding further selling. However, this downturn was rare and still consistent with AMBCrypto’s previous projections.


Read Bitcoin’s [BTC] Price forecast 2024–2025


If LTHs can prove this event is an anomaly, and Bitcoin exchange deposits remain low, the door to a new ATH could still be wide open.

Conversely, if LTHs continue to sell, the $55,000 support could be at risk and the path forward could become much more uncertain.

Next: POPCAT looks at $1, but its next move depends on Bitcoin – Why?

See also  Legendary Trader Peter Brandt Predicts Bitcoin Will Dramatically Outperform Altcoins, Says BTC Will Bury All Pretenders

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Bitcoin BTC deposits Exchange means Plummet sixyear
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