The Bitcoin reserves of centralized exchanges have dropped to their lowest level since November 19, 2018
According to Bitcoin.com, based on data from Cryptoquant.com, starting from July 11, 2024, a total of 99,308 Bitcoins (valued at $5.96 billion) have been withdrawn from centralized exchanges (CEX), bringing CEX Bitcoin reserves to their lowest level since November 19, 2018. Currently, CEX holds 2,679,880 Bitcoins, worth approximately $161 billion as of the Bitcoin price on August 11. Additionally, Ethereum reserves have also dropped to their lowest levels in years; CEX currently holds 16.8 million Ethereum, a significant decrease of 18.64 million from the all-time high of 35.44 million Ethereum on June 4, 2020.
The report noted that the continuous decline in BTC and ETH balances on CEX indicates that cryptocurrency investors are increasingly favoring self-custody solutions, which could have a long-term positive impact on the price growth of these tokens.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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