Bitcoin inflows to exchanges dropped to an annual low. Bitcoin outflows are also falling annually as the BTC price drops. Exchange reserves increased to over 54,000 BTC.
Bitcoin transactions on exchanges are seeing a steady decline as the price of BTC continues to decline.
Bitcoin, the largest cryptocurrency, has seen one of its biggest corrections recently as it dropped 44% this week. The sales had a huge impact on BTC’s exit and entry into the stock markets.
According to Crypto Quant, BTC entries and exits in exchanges have decreased in the last few days. The drop in BTC transactions seems to coincide with the drop in BTC price.
Stock market entries are decreasing
The number of BTC addresses that log in to change wallets has dropped to 25,000. The previous daily high was set a week ago with 96,000 entry transactions. This high record happened on the same day when BTC hit an all-time high.
Exits from the stock market are falling
The number of BTC addresses that exit all exchanges has also seen a huge drop in activity. Crypto Quant shows that more than 30,000 transactions were made on May 22nd. This is lower than the highest level on May 10, when more than 160,000 addresses were exited.
May 21 saw its lowest daily departure day with 20,500 checkout transactions from addresses. Annual lowest level for 2021.
Exchanges’ BTC reserves are increasing
BTC entries and exits from exchanges saw a sharp decline as BTC continued to see market behavior. However, Crypto Quant also shows that BTC reserves on exchanges are slowly increasing.
The amount of BTC held in the wallets of all exchanges has seen an increase since hitting its lowest annual level in late April. 2.44 million BTC, which was 2.39 million a month ago, are currently held on stock exchanges. An increase of 54,284 BTC, or $ 1.92 billion, in current BTC prices.