Stocks of bitcoins on exchanges fell to an annual minimum
Glassnode estimates that since mid-March 2020, cryptocurrency exchange bitcoin inventories have declined by 12% or 320,000 BTC.
The main explanation for this situation is that traders expect a long bull market and therefore do not plan to trade bitcoin, only HODL on reliable wallets.
It is also noted that most of the cryptocurrencies were withdrawn from Bitfinex, BitMEX and Huobi, and on Coinbase, Binance and Bitstamp, users are in no hurry to withdraw bitcoins. Perhaps traders simply lost confidence in certain trading floors. But why didn’t they send their BTC to other exchanges then, but chose to simply withdraw funds to their own wallets?