CryptoQuant summarizes the changes in the Bitcoinmarket in the past year on social media X (formerly Twitter).
Bitcoin reserves on non-U.S. exchanges such as Binance, OKX, and Bitfinex have increased by more than 10% over the past year, data shows.
BTC reserves on U.S. exchanges such as Coinbase, Gemini, and Kraken have dropped by at least 30% and as much as 50% or more.
Judging from the withdrawal amount and wallet access records, institutions are constantly buying Bitcoin. For example, in August alone, more than 20,000 BTC were withdrawn from Gemini, accounting for about 25%.
Market participants have significantly increased their exposure to derivatives, with Bitcoin open interest hitting its highest ATH since November 2022.
The bitcoin futures market in August 2023 saw the worst long liquidation since the FTX crash in November 2022.