Time To Get Bullish: Bitcoin On Exchanges Hits Three-Year Low

The amount of Bitcoin BTC/USD held on cryptocurrency exchanges hit a three-year low of 2,520,952 BTC — a rather bullish sign considering that moving Bitcoin out of the exchange usually conflicts with having the intention to sell it in the near future.

What Happened: According to Glassnode data, Bitcoin held on cryptocurrency exchanges has not been this low since early October 2018, with the previous three-year low being reported on Sept. 17.

Glassnode's chart reporting the transfer volume of Bitcoin out of exchanges also shows that currently, the seven-day moving average of the outflow is at a one-month high of $64,749,128 — the previous one-month high of $64,690,268 was reported on Sept. 12.

See Also: IS BITCOIN A GOOD INVESTMENT? 

A Monday tweet by Documenting Bitcoin pointed out that Bitcoin's growth recently made it so its valuation alone exceeded JPMorgan Chase & Co. JPM, Bank Of America Corp. BAC and Wells Fargo & Co. WFC combined.

CoinMarketCap's data indicates as of press time the coin's network is valued at $1.08 trillion, after regaining the trillion-dollar milestone thanks to a recent institutional push.

BTC Price Action: According to CoinMarketCap's data, as of press time Monday Bitcoin is trading at about $57,530.30 after seeing its price increase by about 5.56%.

Photo: kevin tatchinda fogue from Pixabay