Bitcoin balance on exchanges has dropped to 2018 level, according to Glassnode
Prominent Bitcoin-related Twitter account @BTC_Archive shared a Glassnode chart showing that BTC has currently been dumped from centralized crypto exchanges to lows seen nearly four years ago in 2018.
Back then, Crypto Winter dominated the market, and the price of the leading digital currency drifted at $7,200.
Bitcoin’s supply on exchanges has gradually declined since peaking in the first half of 2020, according to the Glassnode chart.
“Paper hands” drop their BTC
By April 6, Bitcoin has slumped from the $46,783 level to the low of $44,110, losing 5.71%.
According to data from Coinglass, a total of $340 million in liquidations has taken place in the last 24 hours; $54.31 million was wiped out in just four hours.
This pushed the overall value of the crypto market down roughly 5%—to $2.04 trillion levels.
The fall in the price of Bitcoin sent the rest of the crypto market plummeting, bathing in red. This was the reaction to the stock market decline.
Institutions keep buying the dip
While traders are selling, institutional investors keep buying the dip. As reported by U.Today on April 5, the MicroStrategy subsidiary with almost the same name—MacroStrategy—had acquired another large Bitcoin amount, adding to its BTC stash.
The company purchased 4,167 Bitcoins, paying around $190.5 million for that amount of crypto.
Also, this morning, LUNA Foundation Guard acquired a total of 3,964 Bitcoins after making an earlier BTC purchase recently. The foundation now holds a total of 34,691.9 BTC.
