Monday, November 23, 2020
Home ZYCrypto The Number of Addresses Sending Bitcoin to Exchanges Since January Has Doubled...

The Number of Addresses Sending Bitcoin to Exchanges Since January Has Doubled Since The Beginning of the Year


The number of addresses sending BTC to exchanges has doubled from January to now, data from Glassnode reveals. There are now roughly 100 thousand unique addresses that send BTC to exchanges daily which is a remarkable increase following the huge outflow of funds from exchanges earlier in the year.

This may be due to an increasing interest in BTC as more uncertainty continues to build up concerning the future of the U.S Dollar. Recent reports indicate that the U.S Dollar inflation rate is constantly increasing and this is expected to worsen as the U.S Fed continues to print dollar bills indiscriminately.

This compromises the currency as a reserve currency and investors are looking for a better reserve currency and Bitcoin seems to be taking over that status lately.

What this means

The huge increase in the number of unique addresses sending Bitcoin to exchanges isn’t a new trend. It is however not one that has been witnessed recently as according to Glassnode, the last time such an increase was experienced was at the peak of the 2017 bull market which was followed by a steep decline in Bitcoin’s price.

As trends in the cryptocurrency market usually repeat themselves, the current increase in the number of addresses sending bitcoin to exchanges may be suggesting that a similar pattern is about to unfold. Could it be that Bitcoin may be on the verge of crashing like it did in January 2018?


The month of September is historically not friendly to Bitcoin, which may explain why its price has been fluctuating just above $10,000. It has even dipped below the psychological $10,000 level during the struggle with the bears a few weeks ago. Although it has gone close to $11,000, it has slipped below $10,500 and currently hovers around $10,300. 

The bitcoin market is expected to improve by October since September usually doesn’t favor the digital asset. But if the 2017 pattern plays out, does that mean Bitcoin will be sliding even further down?

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram


The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Popular Articles

Bitcoin will rise until ‘it’ll get almost impossible to buy’ it

Bitcoin pioneer and podcaster, Max Keiser, believed that retail investors will be left out of the bitcoin market especially as the cryptocurrency’s price “rockets...

NY Fed: CBDCs Will Be More Private Than Big Tech Digital Currency

Central bank digital currencies, or CBDCs, have more potential for privacy than their private sector counterparts, according to economists at University of California, Santa...

XRP price rallies 91% in a month due to 3 fundamental factors

In the past month, the price of XRP rallied 91% as the digital asset at last found some spark and is now playing catch up...

PayPal CEO Dan Schulman Reveals Bullish Stance On Bitcoin

Advertisement     In a recent interview with CNBC, Dan Schulman, CEO of PayPal has stated that “Early next year, we’re going to allow cryptocurrencies to...

Bitcoin’s Risk-Adjusted Returns Make It a Better Investment Vehicle than Gold

Bitcoin’s price has been caught within a bout of range-bound trading throughout the past few days, with the support at $18,000 and resistance at...

U.S. feds forget to seize $400k in Bitcoin forks

Crypto research firm Coinfirm has found that US authorities have left “substantial funds” left on various cryptocurrency wallets seized from criminals over the years,...