The number of Bitcoin addresses depositing into exchanges has dropped to 132,100.<\/p>\n
According to insights published on CryptoQuant by analyst CryptoOnchain, this is a figure last seen in 2016.<\/p>\n
This metric, which tracks the number of addresses sending inflow transactions to exchanges, suggests<\/a> a decrease in selling pressure as fewer investors are moving their BTC to trading venues for liquidation.\u00a0This reduced sell-off activity follows bitcoin\u2019s recent surge above the $60,000 mark, which triggered outflows from centralized exchanges (CEXs).<\/p>\n According to IntoTheBlock data<\/a>, the cryptocurrency saw over $1.3 billion in net outflows from these platforms over the past week. Most of these, around 12,420 BTC, occurred on September 10 when its price struggled to hold above the $57,000 level.<\/p>\n These movements signal increased accumulation, with many investors holding onto their assets in anticipation of a bullish market. Some crypto analysts also have a bullish outlook for bitcoin.<\/p>\n In a recent X post<\/a>, the anonymous analyst Titan suggested that the largest crypto could break out to $92,000. He believes this is likely because the asset historically sees at least a 40% movement whenever it surpasses the 50-day simple moving average. He also predicted a 71% increase in the coming months.<\/p>\n In another post, analyst Michael van de Poppe mentioned<\/a> that it might stay in a consolidation phase for now, with a potential bullish breakout occurring by the end of the month or early October.\u00a0However, macroeconomic factors could still influence the market despite the current sentiment among investors.<\/p>\n The cryptocurrency market, however, witnessed a downturn earlier today, ahead of a crucial Federal Open Market Committee (FOMC) meeting set for later this week. The U.S. Federal Reserve is expected<\/a> to discuss potential interest rate cuts, which could impact global financial markets, including cryptocurrencies.<\/p>\n According to CoinGlass data<\/a>, over $178 million in positions were liquidated in the past 24 hours, marking a 292% increase on a daily basis. Bullish traders holding long positions experienced the most losses, with $153 million being wiped out.<\/p>\n Ethereum and Bitcoin led in the liquidations, with the former experiencing $55 million and the latter following with $35 million. The largest single one, worth $2 million, occurred on the OKX exchange.<\/p>\n CoinGecko data<\/a> shows that the global crypto market capitalization has also fallen by 3.7% over the last 24 hours, standing at $2.13 trillion. Bitcoin\u2019s price has also dropped by 3% in the last 24 hours, trading below $58,000. However, the asset\u2019s daily trading volume has registered an uptick of 106.28%, and is standing at $27.36 billion.<\/p>\n The post Will Bitcoin Skyrocket to New ATH as This Crucial Metric Falls to 8-Year Low?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The number of Bitcoin addresses depositing into exchanges has dropped to 132,100. According to insights published on CryptoQuant by analyst CryptoOnchain, this is a figure last seen in 2016. Decreased Selling Pressure This metric, which tracks the number of addresses sending inflow transactions to exchanges, suggests a decrease in selling pressure as fewer investors are […]<\/p>\n","protected":false},"author":0,"featured_media":7116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7115"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7115"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/7115\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/7116"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Liquidations and Market Decline<\/h2>\n