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Bitcoin exchange deposits reached their lowest level in the last 2 years

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  Bitcoin

Bitcoin (BTC) network activity, like its price decline, has hit its lowest level in years as the current crypto winter continues. According to Glassnode chain data, the total number of exchange deposits (7-day moving average) reached 2013 on July 12, the lowest since July 2020.

The number of Bitcoin exchange deposits has been declining since it peaked at nearly 5,100 in May 2021. In about 14 months, the total amount has decreased by more than 60%. The value of Bitcoin has fallen by more than 70% in the recent crypto winter.

On July 13, 2022, the global cryptocurrency market cap was $421 billion, the lowest level in the last 8 months. The total number of active Bitcoin addresses has decreased in recent market downturns.

Over the past few months, retail and institutional interest in Bitcoin and other digital currency assets has waned. Bitcoin investment products attracted $1.7 million in outflows last week, according to the CoinShares digital asset fund’s weekly flow report.

The global value of Bitcoin assets managed by custodians fell to $24.6 billion today, down from $50 billion in November 2021.

Bitcoin supply at a loss

On Wednesday, Bitcoin did not break above $20,000. Amidst the bearish volatility of Bitcoin’s price since November 2021, a significant amount of short-term and long-term supply is now facing huge unrealized losses.

“The current market structure has many characteristics of a bear market, when the most confident groups, long holders and miners are forced to sell. The amount of supply is currently lost 44.7%, the majority of which belongs to the category of long holders. period. However, this is still to a lesser degree than previous bear periods.

The number of active Bitcoin addresses decreased by 13%

In November 2021, the total number of daily active BTC addresses reached nearly 1 million. The current figure is around 870,000 per day, down almost 13% over the past seven months, according to Glasnode’s weekly chain analytics report.

During this period, the price of Bitcoin has decreased by more than 70%. The total number of lost Bitcoin addresses reached an all-time high of 18.96 million on July 5, 2022, amid a crypto market correction and a significant drop in network activity.

BTC address activity is down 13% from over 1 million per day in November to 870,000 per day. This shows that new users are hardly increasing. Activity on the chain has subsided significantly, and it’s hard to argue otherwise.

Over the past year, it seems that most marginal buyers and sellers have finally agreed and dropped out of the network. As there is little new entry on the demand side of Bitcoin, prices will resume their decline until these HODLers can establish a floor. A Glasnode study explains.

According to Finance Magnates, there has been a huge increase in the number of old Bitcoins, with Bitcoin addresses that have been inactive for more than 10 years now reaching a record 2.46 million.

Bitcoin exchange flow

In recent weeks, whales have been moving their bitcoin holdings to crypto exchanges to take advantage of bearish market conditions, as total bitcoin exchange inventory has hit its lowest level in nearly 48 months.

Large-scale net withdrawals continued to be recorded in exchange reserves, with total stocks falling to levels not seen since July 2018. As of March 2020, the total balance on exchanges was -750,000 Bitcoins.

According to a report, the digital currency market witnessed a record-breaking withdrawal of Bitcoin in the fourth quarter of last year. A total of 142.5 thousand bitcoins were withdrawn in three months, or 18.8% of the total supply.