Bitcoin flowing out of BitMEX, while competitors gain more

Bitcoin flowing out of BitMEX, while competitors gain more

  • Bitcoin price is finally seeing recovery, although the same cannot be said for its volume across exchanges.
  • Numerous exchanges have seen their BTC supply reducing, with only two exceptions — Bitfinex and Kraken.
  • The two reported a 1% increase in supply per exchange.

Bitcoin price seems to have reached stability recently, as the coin has spent a few days now without major fluctuations. Of course, its price is still moving quite a bit, although it does not seem to be leaving the $6.200-$6,700 belt.

In the last 24 hours, the coin actually saw a minor increase that brought it closer to its $6.700 resistance. Even so, this performance is not surprising, especially after the events of the past few weeks. During this time, Bitcoin saw nearly $2.7 million in futures contracts being set off on BitMEX. This was at the time when its price sat between $6.200 and $6.300.

Only two exchanges saw growth of BTC supply

BitMEX saw a massive drop in its Bitcoin supply, according to a new report by Coin Metrics. The fall started only a day after the coin’s price began to drop. On March 13th, BitMEX held around 315,000 BTC, but by the end of the month, that amount dropped to 244,000.

A similar situation took place on a number of other exchanges, including even Binance, Poloniex, Bitstamp, and Gemini. Huobi reported the same drop in Bitcoin balance, and there are only two major exchanges that did not see the same. The two in question are Bitfinex and Kraken, who actually saw the opposite.

While all other exchanges lost coins, these two reported a rise in their Bitcoin supply, even though it was only a 1% increase per exchange.

Multi-asset indexes outperform BTC and ETH

Coin Metrics also reported that its Bletchley Index for BTC was easily one of the worst-performing ones. It only had a 0.4% growth over the past week. Multi-asset indexes outperformed that of Bitcoin, but also that of Ethereum. However, even the other indexes started collapsing as the week approached its end, and especially over the weekend.

Clearly, the situation in the crypto space is still far from normal, even though the prices may look a bit more stable than before. But, as mentioned, the prices are now seeing positive development across the industry. Many coins are approaching big resistances, although it remains uncertain whether they will have the strength to breach them.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

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