Does new on-chain data show the bear market in Bitcoin could soon come to an end? Chart and data analysis platform, Glassnode, suggests the balance of Bitcoin on crypto exchanges has dropped to its lowest level in years.

While this may seem like a bearish indicator for BTC, a closer look at the chart shows Bitcoin’s price has traditionally moved in the opposite direction to the number of coins held at exchanges.

In the past, the more BTC available in exchanges, the lower BTC has moved. Conversely, the less BTC held at exchanges, the higher the likelihood of upward price movements.

Last week, Finbold reported $2 billion worth of BTC outflows from exchanges occurred over the course of just 7 days. Generally speaking, investors will move BTC off exchanges for long-term holding, and put them on an exchange for quick trading or possible liquidation.

The Glassnode data, and Finbold’s outflow report suggests smart money believes a future BTC bull run could be on the horizon, and are moving their BTC off exchanges and into more long-term cold storage wallets.

Does this indicate BTC has already bottomed and is now gearing up for an epic run?

Read the Finbold report, HERE

Source: https://finbold.com/bitcoin-balance-on-exchanges-at-3-year-low-spelling-bullish-sentiments-for-btc/