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Bitcoin (BTC) Inflow into Crypto Exchanges Hits 3 Year Low

Summary:

Bitcoin inflows into crypto exchanges have hit a three year lowBitcoin balances on exchanges have also hit a 2 year lowThe reduction in both cases, hints of continual confidence in the future value of BTCBitcoin’s scarcity is finally kicking in after halvingBitcoin briefly tested $14,100 before falling back to $13,600 then stabilizing above $13,800Today’s monthly close will be a very bullish one for Bitcoin

Fewer Bitcoin investors and users are sending their BTC to crypto exchanges. This is according to data from CryptoQuant that highlights that the Bitcoin inflow transaction count of all crypto exchanges has hit a three-year low. The team at CryptoQuant shared this information via the following tweet with an accompanying chart highlighting the drop in Bitcoin transactions into exchanges.

Fewer people are depositing $BTC into exchanges.$BTC inflow transaction count of all exchanges (7-day moving average) hits the three-year low.https://t.co/TDmLoSlfYQ pic.twitter.com/Jud4vRabqa

— CryptoQuant.com (@cryptoquant_com) October 31, 2020

#Bitcoin balance on exchanges hits 2 year low

data: @glassnode pic.twitter.com/fY4Jm3r4QS

— unfolded. (@cryptounfolded) October 31, 2020

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