The volume of cryptocurrencies on exchange reserves has dropped by 1.75% in the past 7 days. This is according to data available at the blockchain tracking website, Cryptoquant.
On June 1, 2022, Bitcoin reserve on the exchanges was 2,488,501 at 2.00 PM. Today, June 8, the reserve on the exchanges has dropped to 2,441,091 BTC. This is a 1.9% drop in the volume of bitcoins that the exchanges hold at 1.00 PM, June 8.
Steady Exchange Reserve in The Past 24 Hours
In the past 24 hours, there has been no change in the volume of exchange reserves according to the Cryptoquant data. As the exchange reserve is falling, it is obvious that the number of investors exiting their positions on the Bitcoin market are reducing, and so the slowing selling pressure.
When the volume of reserve at the exchanges reduces, it is an indication that many investors are opening new positions in the coin market than those who are selling BTC. Change in exchange reserve is a market signal that shows if the coin market is under a high buying or selling pressure.
When many investors are selling their Bitcoins, the exchange reserve increases as more holders exit their positions. On the contrary, if more investors are buying bitcoins, the exchange reserve reduces and more bitcoins leave the exchange than those that are moving into the reserve.
Moderate Miner Income And Bitcoin Sale
Net deposit is higher than the past week. This indicates that there is high selling pressure more than what was obtainable a week ago. It is also important to note that miners are still selling their bitcoins, even though this is at a moderately lower rate than what was obtainable months ago. This is lower than the year’s average.
Miners’ revenue is also lower than the year’s average. Selling their holdings could be the result of lower income as they strive to pay for production costs.