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CryptoQuant summarizes the modifications within the Bitcoin market previously yr on social media X (previously Twitter).
Bitcoin reserves on non-U.S. exchanges corresponding to Binance, OKX, and Bitfinex have elevated by greater than 10% over the previous yr, knowledge exhibits.
BTC reserves on U.S. exchanges corresponding to Coinbase, Gemini, and Kraken have dropped by at the very least 30% and as a lot as 50% or extra.
Judging from the withdrawal quantity and pockets entry information, establishments are always shopping for Bitcoin. For instance, in August alone, greater than 20,000 BTC have been withdrawn from Gemini, accounting for about 25%.
Market members have considerably elevated their publicity to derivatives, with Bitcoin open curiosity hitting its highest ATH since November 2022.
The bitcoin futures market in August 2023 noticed the worst lengthy liquidation for the reason that FTX crash in November 2022.
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