Investors are withdrawing their bitcoins (BTC) from exchanges: why is this a good sign?

The number of bitcoins (BTC) stored on the exchange platforms is at its lowest. And that’s pretty good news for the rest of the bull run, if Glassnode is to be believed …

Investors withdraw their bitcoins (BTC) from exchanges

Figures from the Glassnode data aggregator show that bitcoins stored on exchanges have hit a particularly low threshold. They had not known this level since October 2018, more than two years ago. And as an analysis by Glassnode explains, it gives some indication of investor expectations .

When they want to sell, they tend to keep their bitcoins on exchanges. Conversely, when BTC investors wish to do HODL , they repatriate their bitcoins to more secure spaces, such as “cold” wallets for example. This trend could therefore indicate that investors are ready to keep their bitcoins for the long term , in order to take advantage of a possible lasting rise in price.

A difference from the last bull run

Where this is particularly noticeable is that this was not the case in the last bull run . In 2017, the number of bitcoins stored on exchanges had skyrocketed:

Investors had sent their BTCs to the platforms to be able to sell quickly, which had caused the price to fall at the beginning of 2018. The conclusion to be drawn is therefore rather positive , according to the analysis:

“The withdrawal of BTC from exchanges is therefore a ‚bullish‘ sign for Bitcoin. [This] suggests investors believe the asset still has growth potential, despite the fact that it has recently approached its all-time high. “

It is true that the market sentiment is on the whole rather optimistic. As is often the case in the middle of a bull run, analysts have made their predictions there. A few days ago, the management of Citibank saw a Bitcoin at $ 300,000 before 2022 . What to attract big investors : we learned the same week that the 2nd richest man in Mexico had placed 10% of his cash in Bitcoin (BTC) …

73% of millionaires bet on Bitcoin (BTC)

Another sign of the gradual adoption of Bitcoin (BTC)? A deVere Group survey shows that the vast majority of millionaires already own BTC or plan to invest soon. What further propel the price of the asset?

Millionaires are starting to take an interest in Bitcoin (BTC)

As reported by the Finbold media , 700 “ high net worth individuals” , or very wealthy people, were interviewed. That is, investors with more than 1 million British pounds (GBP) – around 1.2 million euros at the current price. These avid Bitcoin millionaires are not necessarily located in the UK, however, they come from a wide variety of regions.

73% of them said they already own bitcoin, or that they plan to buy it by 2022 . This is an increase from 2019, when 68% of them said they wanted to bet on Bitcoin.

Inflows of capital into Bitcoin

As the study explains, millionaires are turning to Bitcoin more and more as large institutions and companies become interested in the topic of cryptocurrencies. The arrival of PayPal and Square in the race has certainly precipitated the trend: it brings legitimacy to a sector that still sometimes suffers from a mixed reputation.

The CEO of deVere Group, Nigel Green, also believes that this is a basic calculation: Bitcoin continues to be among the best performing assets of the moment , with an increase of + 125% compared to the year last:

“This impressive performance is catching the attention of high net worth investors, who are slowly realizing that digital currencies are the future of money – they don’t want to hang on to the past. “

It is certain that we see more and more millionaires taking an interest in Bitcoin. We learned yesterday that a large Mexican fortune had devoted 10% of its cash to BTC . This summer we also learned that 25% of institutional investors hold Bitcoin , which clearly shows this change in mentalities.

All this is therefore logically transcribed in the price of Bitcoin. In full „bull run“ for a few weeks, it briefly crossed the threshold of 18,400 dollars yesterday, and is traded this morning against 17,800 dollars.

Le gouvernement russe se lance indirectement dans le commerce et la garde de bitcoins

Alors que les législateurs russes envisagent une réglementation restrictive en matière de cryptographie, une filiale de la banque d’État russe Gazprombank, enregistrée en Suisse, commence à offrir des services de négociation et de conservation de données cryptographiques.

Gazprombank (Switzerland) Ltd a déclaré avoir reçu l’autorisation de l’Autorité suisse de surveillance des marchés financiers (FINMA) de fournir des comptes bancaires en devises cryptographiques aux entreprises et aux clients institutionnels. Dans un premier temps, ces services seront fournis à „un nombre limité de clients sélectionnés“.

„Les nouveaux services comprendront des solutions de stockage de qualité institutionnelle ainsi que l’achat et la vente de bitcoin. Gazprombank prévoit d’élargir progressivement son offre pour inclure des cryptocurrences supplémentaires et d’autres produits et services“, a déclaré la société.

Selon le PDG Roman Abdulin, ils s’attendent à ce que les actifs numériques deviennent „de plus en plus importants dans l’économie mondiale et, en particulier, pour notre clientèle actuelle et potentielle“.

La société russe Gazprombank (JSC) est détenue directement et indirectement par Gazprom, un géant de l’énergie contrôlé par l’État russe qui est toujours sanctionné par les pays occidentaux en raison de l’annexion illégale de la Crimée par la Russie et de la déstabilisation de l’Ukraine en 2014.

Fin 2019, la banque basée en Suisse disposait de 1,9 milliard de francs suisses d’actifs (2 milliards d’USD).

À 15h16 UTC, le bitcoin se négocie à 13 521 USD et reste pratiquement inchangé en une journée. Le prix a augmenté de 5 % en une semaine et de 25 % en un mois.