Addresses With 1 BTC Are On The Rise, As Bitcoin Exits Exchanges

FAHRKERIM

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Quote from: OGEOS on April 08, 2020, 03:23:45 AM

According to Glassnode, Despite Bitcoins' volatility, Bitcoin holders seem to be withdrawing their bitcoin from exchanges.

Never heard about this tendency, this is really good news. I hope it's due to people finally realising you shouldn't keep your assets on centralized exchanges

buwaytress

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Quote from: OGEOS on April 08, 2020, 03:23:45 AM

Bitcoin has had a rather interesting 2020 thus far. Following a crypto market crash in March, there appears to be a rise in addresses with 1 BTC. At the same time Bitcoin appears to be existing exchanges. According to Glassnode, Despite Bitcoins' volatility, Bitcoin holders seem to be withdrawing their bitcoin from exchanges.

It's not following the market crash at all, it's been an observeable pattern for a very long time now. The problem is the whale wallets are getting bigger, but the good news since at least 2018 has been that the percentage of total circulation in the big boys' wallets has been going down. So yeah, more people with >0.01, more with 0.1 and more with 1 BTC.

May not have started VERY distributed but it's getting there!

crwth

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Or maybe they are the exchanges themselves and they are just distributing to different wallets and then EXIT SCAM???!!?! Huh

peter0425

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i will take a look at this as a positive points for Bitcoin community because increasing numbers of Wallets having 1 BTC is a sign that people are only waiting for the Dumping market to Buy and reach their dream of having at least 1 bitcoin to keep holding for long time.
like what i did when this Big decrease of Price happen so now i can say that i am one of those since i diversify my Money in past to couple of altcoins.

The Cryptovator

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Not sure if OP is trying to promote his blog or just use for reference. There would more reason to increase number of address with 1BTC like mine, change hands by buy/sell etc. We encountered global crisis from last March, so usually a lots of holders sold their bitcoin for cash. So if someone have 100BTC and he sold 20BTC to 20 individual person that means 20 addresses with 1BTC will increase aa well. But yes, I am quite sure, some investors was waiting for that day to accumulate some bitcoin and they have done it, so that's how 1BTC address amount would increase on some special occassions.

hatshepsut93

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Quote from: Darker45 on April 08, 2020, 03:45:23 AM

Users withdrawing their Bitcoin from exchanges may either mean they badly need it to convert it to cash or they simply lose interest trading during these hard times. But the rising of the number of addresses with 1 BTC in them tells us that it is more likely the latter. That somehow consoles us and tells us that people are still very much into Bitcoin. It perhaps even suggests that they are keeping their Bitcoin into more secure wallets rather than leave them unsafe in the hands exchanges.

If users needed cash, they actually would be sending to exchanges, since the usual route is exchange -> bank -> ATM. It's cheaper than Bitcoin ATM's (by the way, ATM's that allow you to sell Bitcoin are extremely rare) and safer than p2p trading in person (you can get robbed or scammed).

As other users pointed out, the amount of addresses is too small to say that people are actually withdrawing, but maybe it will happen soon as people will be buying coins and hodling, waiting for post-halvening bull market.

BrewMaster

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every couple of weeks someone writes up some weak ass arguments such as this one on their website and then publish it on bitcointalk for traffic. the fact is that the number of addresses that hold X amount of bitcoin has been going up and down but remaining on a same path as always. obviously in that past week that bitcoin was being sold at a huge discount of 50% off a lot of people have been buying bitcoin so there is now a lot of accumulators who have finally reached one of their targets: 1 whole BTC.

Twentyonepaylots

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Quote from: Darker45 on April 08, 2020, 03:45:23 AM

Users withdrawing their Bitcoin from exchanges may either mean they badly need it to convert it to cash or they simply lose interest trading during these hard times. But the rising of the number of addresses with 1 BTC in them tells us that it is more likely the latter. That somehow consoles us and tells us that people are still very much into Bitcoin.

Yeah, more likely people are securing themselves no matter what could happen during these days so they can just spend it or convert it to fiat quicker. Rising number of addresses that has 1btc is a positive
remark that bitcoin is having its strong support, and we can count to them for having the price resistance. If you want to keep your btc on exchanges, please choose a good one, exchanges may close without prior notice due to what is happening that can literally leave you guys with no choice but to wait.

Quote from: Darker45 on April 08, 2020, 03:45:23 AM

It perhaps even suggests that they are keeping their Bitcoin into more secure wallets rather than leave them unsafe in the hands exchanges.

I don't think that's the reason why some people are withdrawing from exchanges, it is just because the things lately are getting serious and people are fearful.

bgaf

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Quote from: bitbunnny on April 08, 2020, 08:26:04 AM

I mean they shouldn't keep them there at first place, unless for trading purposes but now maybe they are losing interest in trading or confidence in exchanges because of all this situation and potential heavy economy crisis that will definetely affect everyone in upcoming months.

Probably but you know, most whales tend to hang their btc there for a while as confirm sometime with news. The fact that most are withdrawing their btc on the exchange is good news right? Means they gonna hold on their respective wallets those btc coins. We can assume that they arr probably needed funds too or gonna exchange it on a 3rd party app or establishments that accept bitcoin. Remember we are still on crisis.

bitbunnny

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Quote from: Darker45 on April 08, 2020, 03:45:23 AM

Users withdrawing their Bitcoin from exchanges may either mean they badly need it to convert it to cash or they simply lose interest trading during these hard times. But the rising of the number of addresses with 1 BTC in them tells us that it is more likely the latter. That somehow consoles us and tells us that people are still very much into Bitcoin. It perhaps even suggests that they are keeping their Bitcoin into more secure wallets rather than leave them unsafe in the hands exchanges.

I'm not sure if that information about 1 BTC addresses is actually correct and verified but it might happened that people are witdrawing their Bitcoin from exchanges. I mean they shouldn't keep them there at first place, unless for trading purposes but now maybe they are losing interest in trading or confidence in exchanges because of all this situation and potential heavy economy crisis that will definetely affect everyone in upcoming months.

Lucius

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Quote from: stompix on April 08, 2020, 07:01:02 AM

Wow...how is that possible...
Such a mystery...

Really a mystery, but some are clearly paid to analyze such things and others to write articles based on such analyzes. And even the bigger mystery is that we have one more address that has 10 000 BTC. I hope that owner does not come up with the idea of dividing it into 10 000 addresses with 1BTC - what a story that would be Roll Eyes

Quote

"Furthermore, the number of addresses with 10,000 BTC hit a six-month high on 26 March, sitting at 112, compared to 111 in October last year. According to Glassnode, the highest number ever of these wallets was 126, in June 2016 and September and October 2018"

If there is any truth in story about people pulling their coins from exchanges, that would be good news. But I believe that it is only temporary, as someone has written before, that current life needs are probably the reason for this. I would love to see how much BTC has been withdrawn from Coinbase in the last 3 months, if we know that they hold approximately 1 million of BTC in their wallets.

Akiko

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Quote from: OGEOS on April 08, 2020, 03:23:45 AM

Bitcoin has had a rather interesting 2020 thus far. Following a crypto market crash in March, there appears to be a rise in addresses with 1 BTC. At the same time Bitcoin appears to be existing exchanges. According to Glassnode, Despite Bitcoins' volatility, Bitcoin holders seem to be withdrawing their bitcoin from exchanges.

So what is actually happening? This article may hold some of the answers: https://crypto-current.co/addresses-1-btc-rise-bitcoin-exits-exchanges/

This is only mean the btc is bought already on that exchange and it came from different persons.

Widrawing it in thier own wallet for security of the btc they have buy on that exchange. Many people now already learn that its not a wise decision to stored your btc in exchange , thats why they moving it in thier wallet.

carlisle1

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Quote from: OGEOS on April 08, 2020, 03:23:45 AM

Bitcoin has had a rather interesting 2020 thus far. Following a crypto market crash in March, there appears to be a rise in addresses with 1 BTC. At the same time Bitcoin appears to be existing exchanges. According to Glassnode, Despite Bitcoins' volatility, Bitcoin holders seem to be withdrawing their bitcoin from exchanges.

So what is actually happening? This article may hold some of the answers: https://crypto-current.co/addresses-1-btc-rise-bitcoin-exits-exchanges/

Well the Title is clear there are more addresses now that has 1 or more Bitcoin compared from the past years meaning people are learning.

and besides eversince there are so many advises that never let your Crypto sleeps on your exchanges because it is not safer.
so the thing here now is People are withdrawing from exchange and transferring their Bitcoin from exchange to their wallets.
and also many are waiting for another dump to Buy again that's why this is the market status now.

BlackFor3st

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Quote from: OGEOS on April 08, 2020, 03:23:45 AM

Bitcoin has had a rather interesting 2020 thus far. Following a crypto market crash in March, there appears to be a rise in addresses with 1 BTC. At the same time Bitcoin appears to be existing exchanges. According to Glassnode, Despite Bitcoins' volatility, Bitcoin holders seem to be withdrawing their bitcoin from exchanges.

So what is actually happening? This article may hold some of the answers: https://crypto-current.co/addresses-1-btc-rise-bitcoin-exits-exchanges/

It didn't mention also whether the exits from exchange were converted to fiat or the btc owner just transferred it to their safe wallet especially if they didn't trust the exchange in storing their money. I am only basing this from your statement that owners or the addresses that owns 1 btc are increasing so this might be the reason behind their exits.

Even with the crash, there is a big possibility that big investors are using the opportunity to buy more as they can easily profit by using the opportunity especially if they know that the market will surely to increase after the crash.

avikz

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Quote from: OGEOS on April 08, 2020, 03:23:45 AM

Bitcoin has had a rather interesting 2020 thus far. Following a crypto market crash in March, there appears to be a rise in addresses with 1 BTC. At the same time Bitcoin appears to be existing exchanges. According to Glassnode, Despite Bitcoins' volatility, Bitcoin holders seem to be withdrawing their bitcoin from exchanges.

So what is actually happening? This article may hold some of the answers: https://crypto-current.co/addresses-1-btc-rise-bitcoin-exits-exchanges/

It certainly signifies either of two things as mentioned below,

1. Either people are withdrawing from their exchanges because they want to convert it to fiat to support their own finances during this testing times.

2. Or, they have accumulated when the price was low few weeks back and now moving towards a long term HODL because a halving event is upcoming shortly.

Either of these two will be the actual case. But there is no way to identify the actual outcome! What we all are doing, is speculation!

stompix

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Quote from: OGEOS on April 08, 2020, 03:23:45 AM

So what is actually happening? This article may hold some of the answers:

Nope, it doesn't. It's just a 2-minute garbage article written by a 10 yo.

dothebeats

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Perhaps a lot of people are already trying other options while the world is technically in lockdown and the economy paralyzed in the time being. As one can easily tell, bitcoin is only a few of the performing asset there currently is while stocks and other forms of investments are basically down. Perhaps people are also looking into the possibility of using bitcoin in replacement to cash, who knows? Though that seems very unlikely compared to the investing aspect of bitcoin. Nonetheless, it's good to see some coins out of the exchanges and some addresses actually getting up something in them for the first time.

Kemarit

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Bitcoin become cheaper last March, so obviously, there could be investors we bought 1 BTC or those investors who are closing in to get into that 1 BTC and see the opportunity last month to fill their bags. We are in a looming recession, perhaps those who withdraw from exchanges just wanted to make sure that they have control over their coins in a worst case scenario. Other logical reason is that they needed fiat in this pandemic.

sunsilk

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Withdrawing from exchanges doesn't mean that it's being spent but most likely it is because they need cash to sustain the needs in this time to survive.

But, it could be that many of them are just removing their funds in exchanges so that they can put it on their cold storage or hardware wallets.

Tipstar

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Quote from: akhjob on April 08, 2020, 05:25:47 AM

Quote from: OGEOS on April 08, 2020, 03:23:45 AM

So what is actually happening?

We don't get many chances to buy Bitcoin at a price less than 5000$ and those who had the extra funds to buy some Bitcoins grabbed the opportunity, that's how I see it. And I am sure that those who bought below these levels aren't dumb to hold the funds in exchanges unless they are trading with it thus resulting in the rise of the number of wallets.

More people are buying bitcoin more than 1 BTC. i.e. they are considering bitcoin as an important investment.
Another metric is people are keeping their coin with themselves. They don't depend on exchanges or wallets to hold the coin on behalf of them.
It also may mean people are going out of centralized exchanges as they are finding DEX easier to use.

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