Bitcoin Has Been Going Through Some Changes Recently
In a new on X, CryptoQuant has broken down the changes that the cryptocurrency’s landscape has observed recently. The first would be that the US-based exchanges have been registering withdrawals, while the global platforms have seen growing holdings.The relevant on-chain indicator here is the “exchange reserve,” which keeps track of the total amount of Bitcoin stored inside the wallets of a centralized exchange or a group of exchanges.
Looks like the value of the metric for these platforms is steadily going up | Source:The above graph shows that the Bitcoin exchange reserves for Binance, Bitfinex, and OKX have increased during the past year. In total, the indicator’s value for these non-US platforms has increased by 10% in this period.
These platforms have seen a falling value of the indicator | Source:While the foreign exchanges have seen deposits, the platforms based in the US, such as Coinbase, Gemini, and Kraken, have observed declining reserves during the past year.
A large amount of BTC has been withdrawn from Gemini | Source:Finally, there is a change in how market participants have been looking at the futures sector recently, as they have increased their exposure to derivative products. The ratio of the trading volume of the asset between spot and derivative platforms has dropped to pretty low values recently, a sign that activity on the derivative exchanges is overwhelmingly more than on the spot ones.
The ratio's value has been on the decline this year | Source:
The open interest, a measure of the number of positions open on the derivative market, also showcases this change, as the metric’s value hit very high just recently.
The open interest was at highest values since November just recently | Source:
The chart shows that while the open interest was at highs just a while ago, it has since observed a plummet. The reason behind this plunge was the latest Bitcoin crash, which resulted in a cascade of liquidations in the market.
BTC Price
Bitcoin is trading around the $25,900 level, unchanged from one week ago, showing how stagnant the cryptocurrency has been recently.BTC remains locked in sideways movement | Source: