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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Binance, Coinbase Bitcoin Reserves Fast-Dropping, Is This Bullish?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Bitcoin Exchange Reserves

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According to CryptoQuant’s data on May 10, Bitcoin reserves in centralized exchanges such as Binance and Coinbase experienced a significant decline in Q4 2022. The reserves remained stable in April despite the prices soaring from $20,000 to $31,000 during that period.

Exchange Bitcoin Reserves Rapidly Shrinking

Bitcoin exchange “reserves” is a metric that tracks the amount of BTC held by centralized exchanges at any given time. Typically, the interaction between coin holders and exchanges can be used to gauge sentiment and their price expectation of the coin shortly. 

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An example of reserves falling is when there is a sudden outflow from exchanges. This could indicate that users are optimistic and store their assets in non-custodial wallets. However, it’s important to note that this may not always be the reason for outflows. They can also be caused by fundamental factors such as hacks or regulatory concerns – as seen recently with Binance.

Conversely, Bitcoin inflow to exchanges may drive the ramp’s reserves higher. Even so, this is interpreted as bearish since holders might quickly liquidate their assets for cash or stablecoins.

With Bitcoin reserves across centralized exchanges falling, it could mean traders expect prices to rise shortly. In Q4 2022, the total Bitcoin exchange reserve in all tracked ramps fell sharply, especially in November 2022. This coincided with the collapse of FTX and questions emerging about the stability of Binance and other centralized exchanges.

Binance, the world’s largest cryptocurrency exchange, led other platforms in publishing proof-of-reserve statements to assuage fears and re-instill confidence. Though reserves have stabilized, there was a marked drop in late March 2023. 

Then, the bank run at Silicon Valley Bank (SVB) and the closure of Signature Bank, banks that served crypto projects, including Circle, the issuer of USDC, appeared to have triggered coin outflows. From March 20 to early April, the Bitcoin exchange reserve fell from around 2.2 million to 2.1 million.

Will BTC Rally?

The general trend of Bitcoin exchange reserves remains negative, and prices are relatively firm, trading below $31,000.

While this correlation between rising prices and falling exchange reserves is still valid, whether regulatory actions against crypto exchanges may cause a divergence is yet to be seen.

Bitcoin Price On May 10| Source: BTCUSDT On Binance, TradingView
Bitcoin Price On May 10| Source: BTCUSDT On Binance, TradingView

Binance is reportedly being investigated by several United States agencies, including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

The CFTC alleges that Binance, the world’s largest exchange, flouted trading laws in the country. Still, whether charges will be brought forward is being determined when writing. 

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Bitcoin Slides 5% From Recent Highs Amidst Binance CFTC Probe Revelation

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Any official charge might dent users’ confidence in the exchange, possibly triggering more outflows and lowering BTC reserves.

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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