CryptoQuant Explores Recent Changes in the Bitcoin Landscape

Leading data analytics provider, CryptoQuant observes changes to Bitcoin in the past year.
It lists three dramatic changes due to reserves, institutions, and futures market.
It also explores a huge correction that took place this month.

Leading on-chain data and analytics provider, CryptoQuant, shares some insight over Bitcoin and what has changed to it over the past year. Specifically, the post goes on to explain three particular changes to Bitcoin.

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As we can see from the post above, CryptoQuant explores recent changes in Bitcoin’s landscape. In particular, it talks about reserves, institutions, and the futures market.

To begin, the thread remarks how as Bitcoin’s landscape continues to evolve, several key trends have emerged over the past year, shedding light on its trajectory and market dynamics. The top three significant shifts include the following.

Bitcoin’s effect on Centralized Exchanges Reserves. To highlight, Bitcoin reserves on non-US exchanges, including prominent platforms like Binance, OKX, and Bitfinex, have shown a notable increase of over 10% in the last 12 months. In contrast, the Bitcoin reserves of US-based exchanges like Coinbase, Gemini, and Kraken, have experienced a substantial decline ranging from 30% to over 50%.

The second is institutions’ accumulation and steady institutional buying. Evidence suggests that institutions have been actively accumulating Bitcoin. Withdrawal patterns and wallet activity point towards a consistent trend of institutional buying.

For instance, Gemini’s significant withdrawals in August alone. To specify, Gemini witnessed over 20,000 BTC being withdrawn from its platform, accounting for approximately 25% of its total holdings.

Lastly, futures market participation and rising interest in derivatives. The Bitcoin futures market has seen a surge in participation by market participants. The open interest for Bitcoin derivatives has hit a new all-time high (ATH) since November 2022.

The post also speaks of a notable correction in the Bitcoin market occurring in August 2023. This correction was marked by a significant long liquidation event, which was the most substantial since the FTX collapse incident in November 2022.

The Year In Bitcoin

In essence, the past year has brought forth significant changes in the Bitcoin ecosystem. Centralized exchanges’ Bitcoin reserves have shown divergent trends, with non-US exchanges seeing an increase while US-based exchanges experience declines. The steady accumulation of Bitcoin by institutions underscores their growing interest in the digital asset. Additionally, the Bitcoin futures market has witnessed increased participation and a notable correction event in August has further shaped the market’s recent dynamics.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.