Bitcoin has sucked off exchanges to 2018 lows as institutions buy the dip

Yuri Molkhan

Bitcoin balances on exchanges have dropped to 2018 levels, according to Glassnode

contents

• “Paper hands” drop their BTC
• Institutions continue to buy the dip

Prominent Bitcoin-related Twitter account @BTC_Archive shared a Glassnode chart showing that BTC is currently being withdrawn from centralized crypto exchanges to the lows seen almost four years ago – in 2018.

Back then, Crypto Winter dominated the market and the price of the leading digital currency drifted to $7,200.

Bitcoin supply on exchanges has been gradually declining since peaking in the first half of 2020, according to the Glassnode chart.

The last time #Bitcoin Supply was this low on exchanges, the price was $7,200! 🚀 pic.twitter.com/hyxmby7aya

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) April 6, 2022

“Paper hands” drop their BTC

As of April 6, Bitcoin has fallen from the $46,783 level to the low of $44,110, down 5.71%.

According to data from Coinglass, a total of $340 million in liquidations have been completed in the past 24+ hours; $54.31 million wiped out in just four hours.

This pushed the total value of the crypto market down about 5% to $2.04 trillion.

The decline in bitcoin price has caused the rest of the crypto market to plummet and bathe in red. This was in response to the stock market’s decline.

Institutions continue to buy the dip

As traders sell, institutional investors continue to buy the pullback. As reported by U.Today on April 5, the MicroStrategy subsidiary of almost the same name – MacroStrategy – had acquired another large amount of Bitcoin, adding to its BTC supply.

The company bought 4,167 bitcoins and paid approximately $190.5 million for that amount of crypto.

MacroStrategy bought another 4,167 bitcoins for ~$190.5 million at an average price of ~$45,714 per #bitcoin. On 4/4/22, MicroStrategy #hodls acquired ~129,218 bitcoins for ~$3.97 billion at an average price of ~$30,700 per bitcoin. $MSTRhttps://t.co/Z45OuJU5KI

— Michael Saylor⚡️ (@saylor) April 5, 2022

Also this morning, LUNA Foundation Guard acquired a total of 3,964 bitcoins after making a previous BTC purchase recently. The foundation now holds a total of 34,691.9 BTC.

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