Bitcoin Rockets to $63.8K: $6.36B in BTC Pulled From Exchanges in 30 Days

On Thursday, bitcoin (BTC) soared to a peak of $63,882, marking a 7.8% increase against the U.S. dollar over the past month. During this same period, approximately $6.36 billion worth of BTC was pulled from crypto exchanges, hitting levels not seen since early November 2018.

More Than 100,000 Bitcoin Removed From Digital Currency Trading Platforms in 30 Days

Bitcoin is making strides as the week wraps up, following the U.S. Federal Reserve’s rate cut on Wednesday. The price hit an intraday peak of $63,882 per coin, its highest point since Aug. 26, 2024. Over the past month, bitcoin has performed impressively, climbing 7.8% and leaving gold’s 3.5% gain in the dust.

Additionally, on Aug. 19, 2.68 million bitcoins were stored on centralized exchanges, but today that figure has dropped by 100,250 BTC. According to insights from cryptoquant.com, exchanges now hold 2.58 million BTC, a level not seen since early November 2018.

This reduced BTC supply on trading platforms suggests less selling pressure and contributes to its growing scarcity. Meanwhile, since Aug. 19, 2024, a slight increase in ethereum (ETH) holdings was observed, rising from 18.79 million to the current 18.86 million.

However, ethereum reserves on centralized exchanges are dwindling fast, with the current 18.86 million marking a low not seen since July 2016. This translates to around $44.48 billion worth of ethereum. At press time, exchanges also hold an impressive $163.84 billion in bitcoin. This means trading platforms possess 13.11% of BTC’s market cap, while ethereum held on exchanges accounts for 15.03% of its total valuation.

What do you think about the dwindling supply of bitcoin on crypto exchanges and the latest price jump? Let us know what you think about this subject in the comments section below.

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