Recent data from CryptoQuant on August 7 shows that few Bitcoin holders are moving coins away from centralized cryptocurrency exchanges like Binance and Coinbase. Despite BTC prices increasing in recent weeks and teetering close to the $30,000 psychological level, this observation is accurate. More Bitcoin Held in Exchanges As of July 28, there were 30,663 addresses withdrawing coins from exchanges though prices were relatively higher, trading around $28,000, up from around $25,000 registered on June 14 when 39,311 addresses moved coins. On April 14, when BTC changed hands at around $30,000, 132,237 addresses withdrew the coin from exchanges. The drop in the number of exchange addresses moving coins to external, often non-custodial wallets can be a concern, significantly if prices are rising. The shift also raises important questions about why more Bitcoin holders opt to store coins in exchanges despite these ramps being targets by hackers. Usually, when fewer people transfer their Bitcoin to external, often non-custodial wallets, it might mean they’re unsure about the uptrend. As such, they keep their coins on exchanges to quickly sell for USDT or traditional currencies like USD or Euro ..
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