According to a report published by analytics firm Glassnode, investors have been withdrawing Bitcoins from crypto exchanges since the beginning of March.
However, despite the reduction in the volume of cryptocurrencies on trading platforms, the price of the crypto does not stop falling.
During the early hours of Thursday morning, the price of Bitcoin fell to around $44,300. However, sending the asset to offline storages will result in the price of the crypto eventually growing in the long run, although this will not happen until at least the next cycle.
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Glassnode researchers have found that 96,000 Bitcoins left exchanges in March, with traders currently holding 2.472 billion BTC in wallets belonging to cryptocurrency exchanges.
A trend towards cryptocurrencies leaving trading platforms has been observed since September 2021. Currently, the amount of Bitcoins on exchanges has fallen to its lowest level since August 2018.
A similar trend was observed in 2021, which led to the price of the crypto reaching $69,000 due to the scarcity of the asset.