A report from Crypto Quant, published last Sunday (27), shows that companies are quietly accumulating bitcoins. As an example, he points out that 27,700 bitcoins were recently withdrawn from brokerage Gemini, with large addresses as destinations.
In the image, 1QBvE’s initial address contains 22,613 bitcoins (R$3 billion), added last week. Address 1Etq8 already has 4,088 bitcoins (R$547 million) and address 35g9jp has another 2,856 bitcoins (R$382 million).
“Given the amount withdrawn and the records of deposits and withdrawals from wallets, institutions are constantly buying Bitcoin.”

The number of bitcoins on US exchanges is declining sharply
Another data presented by Crypto Quant is linked to the wallets of the largest cryptocurrency brokers. Three of them, Americans, have been subjected to a strong wave of looting since last year. Three others, foreigners, are against the grain.
The decline deepened in November last year when FTX went bankrupt and many investors questioned the financial health of other brokers. Moreover, the strong regulatory pressure from the US was also another point that influenced the movements.

Despite an indictment by the CFTC in March and the SEC in June of this year, the binance (in yellow, in the graph above) continues to show dominance. Their bitcoin holdings have grown 12.2% since September 2022, and their wallets now hold 556,300 bitcoins.
Bitfinex (in green), also foreign, saw his reserves grow by 15% over the same period and today his wallets contain 374,000 bitcoins. The same goes for OK X (in orange), growing 12.4% and currently holding 123,300 bitcoins in their wallets.
The three largest US brokers already seem to be in trouble. Coin base (in blue), the largest in the US, underwent a wave of withdrawals and portfolios shrank by 37%. Anyway, they still have 440,000 BTC in reserves.
all the twin (in purple), hit by the bankruptcy of Genesis, lost 51.8% of its reserves and today holds 97,300 bitcoins. Crack (in cyan) appears to have been the hardest hit, with reserves shrinking by 54.2%. Today, the addresses contain only 49,600 bitcoins.
Finally, the developments show that investors may be concerned about the health of such exchanges and about pressure from US regulators. This explains the low trading volume of the cryptocurrency, which has reached its lowest level in the past 5 years.
Moreover, the large withdrawals in portfolios also show that major institutional investors continue to accumulate Bitcoin despite everything, likely hopeful about the possible approval of a Bitcoin spot ETF in the US.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.