Exchange balances hit new 4-year lows
Price struggles on short timeframes have proven to be something of a non-issue for buyers this time around.
Behind the scenes, investors, instead of fleeing BTC exposure, have been piling into the market at a noticeable pace in recent days.
According to data from on-chain analytics platform CryptoQuant, from Aug. 18, available Bitcoin on 21 major exchanges dropped from 2,342,662 BTC to 2,309,727 BTC on Aug. 22.
In four days, exchange users thus removed over 30,000 BTC from their accounts.
Fellow data firm Glassnode, meanwhile, added that the current combined balance across the exchanges it monitors hit a fresh four-year low on Aug. 22.
For comparison, in August 2018, BTC/USD was climbing toward $7,000, but still several months out from its bear market bottom of $3,100.
