The Bitcoin Market is Undergoing Changes
The on-chain analytics firm CryptoQuant has analyzed recent changes in the Bitcoin market. Here are the key points:
- US-based exchanges are experiencing withdrawals, while global platforms are seeing growing holdings.
- Non-US platforms like Binance, Bitfinex, and OKX have seen a 10% increase in Bitcoin exchange reserves.
- In contrast, US-based platforms such as Coinbase, Gemini, and Kraken have seen a significant decline of at least 30% in their reserves.
- Institutional investors are displaying accumulation behavior, with Gemini experiencing a large withdrawal of over 20,000 BTC.
- Market participants have increased their exposure to derivative products, with trading volume on derivative platforms surpassing that of spot platforms.
- The open interest on the derivative market has recently hit high levels but has since plummeted due to the Bitcoin crash.
Hot Take: The Bitcoin market is evolving, with non-US platforms gaining popularity among investors and institutional investors showing interest. However, the recent crash has affected market sentiment.
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