{"id":45150,"date":"2023-02-28T12:51:06","date_gmt":"2023-02-28T12:51:06","guid":{"rendered":"http:\/\/egrowonline.com\/?p=45150"},"modified":"2023-02-28T12:51:06","modified_gmt":"2023-02-28T12:51:06","slug":"bitcoin-exchanges-now-own-16-less-btc-than-the-oldest-hodlers","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=45150","title":{"rendered":"Bitcoin exchanges now own 16% less BTC than the oldest hodlers"},"content":{"rendered":"


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The latest data shows that Bitcoin (BTC<\/a>) exchanges have less BTC to buy than at any time since early 2018.<\/p>\n

On-chain analytics firm Glassnode<\/a> confirms that as of February 2023, exchange reserves are at five-year lows.<\/p>\n

\u201cWild stat\u201d shows Bitcoin supply maturation<\/h2>\n

The latest statistics reflect the determination of Bitcoin hodlers, as major exchanges\u2019 BTC balances are in \u201cdown only\u201d mode.<\/p>\n

As of Feb. 27, the latest date for which data is available, the platforms tracked by Glassnode held a combined 2,272,798 BTC.<\/p>\n

It was in March 2018 that the number was previously so low, with March 2020 representing the current all-time high of 3,202,326 BTC.<\/p>\n

After the COVID-19 cross-market crash, exchange reserves began to fall, accelerating through the 2022 bear market to stand 29% lower today.<\/p>\n

Bitcoin exchange balance chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n

The impressive numbers, meanwhile, do not end there.<\/p>\n

As noted<\/a> by William Clemente, co-founder of Bitcoin-focused research firm Reflexivity, the exchange balance lows mean they now hold less BTC than the oldest hodler addresses.<\/p>\n

\u201cThere is now more Bitcoin that hasn\u2019t moved in at least 10 years than there is on exchanges. Wild stat,\u201d he commented on Feb. 28.<\/p>\n

Glassnode data also puts the total BTC dormant for ten years or more at 2,645,956 BTC \u2014 16% more than the total exchange balance.<\/p>\n

BTC supply last active 10+ years ago chart. Source: William Clemente\/ Twitter<\/em><\/figcaption><\/figure>\n

No panic selling here<\/h2>\n

As Cointelegraph reported, hodlers have stepped up their resilience<\/a> in 2023 after weathering a brutal bear market in the past year.<\/p>\n

Related:\u00a0BTC whale population shrinks to early 2020 levels \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n

Even as BTC price action headed higher, the hodling continued, with limited sales combined with increasing exposure.<\/p>\n

That trend shows little sign of reversing at current levels, with hodlers\u2019 combined net position change reaching four-month highs this weekend.<\/p>\n

Bitcoin hodler net position change chart. Source: Glassnode\/ Twitter<\/em><\/figcaption><\/figure>\n

The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n


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The latest data shows that Bitcoin (BTC) exchanges have less BTC to buy than at any time since early 2018. On-chain analytics firm Glassnode confirms that as of February 2023, exchange reserves are at five-year lows. \u201cWild stat\u201d shows Bitcoin supply maturation The latest statistics reflect the determination of Bitcoin hodlers, as major exchanges\u2019 BTC […]<\/p>\n","protected":false},"author":1,"featured_media":45151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,194,115,385,12654],"class_list":["post-45150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-btc","tag-exchanges","tag-hodlers","tag-oldest"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/02\/c0f27a43-e8ad-41e6-93fa-6d7850f9659b.JPG","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45150"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45150\/revisions"}],"predecessor-version":[{"id":45152,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/45150\/revisions\/45152"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/45151"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45150"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}