The amount of Bitcoin (CRYPTO: BTC) held on cryptocurrency exchanges hit a three-year low of 2,520,952 BTC — a rather bullish sign considering that moving Bitcoin out of the exchange usually conflicts with having the intention to sell it in the near future.
What Happened: According to Glassnode data, Bitcoin held on cryptocurrency exchanges has not been this low since early October 2018, with the previous three-year low being reported on Sept. 17.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Glassnode's chart reporting the transfer volume of Bitcoin out of exchanges also shows that currently, the seven-day moving average of the outflow is at a one-month high of $64,749,128 — the previous one-month high of $64,690,268 was reported on Sept. 12.
See Also: IS BITCOIN A GOOD INVESTMENT?
A Monday tweet by Documenting Bitcoin pointed out that Bitcoin's growth recently made it so its valuation alone exceeded JPMorgan Chase & Co. (NYSE:JPM), Bank Of America Corp. (NYSE:BAC) and Wells Fargo & Co. (NYSE:WFC) combined.
CoinMarketCap's data indicates as of press time the coin's network is valued at $1.08 trillion, after regaining the trillion-dollar milestone thanks to a recent institutional push.
BTC Price Action: According to CoinMarketCap's data, as of press time Monday Bitcoin is trading at about $57,530.30 after seeing its price increase by about 5.56%.
Photo: kevin tatchinda fogue from Pixabay