According to Glassnode, the volume of cryptocurrency on exchanges has been declining since the beginning of March.
If at the beginning of the month investors kept 2.556 million coins on exchange wallets, now this volume has declined to 2.499 million BTC.
At the same time, the company researchers have recorded an influx of stablecoins to centralized platforms. Investors have sharply increased reserves in Tether, USDC and BUSD during the month.
Traders usually send stablecoins to trading platforms in order to buy Bitcoin, which is the reason why most analysts stick to the bullish scenario.
According to experts, if Bitcoin withstood pressure and did not collapse, then we can talk about great confidence in this tool from institutional investors.
Kyle Davis of Singapore-based hedge fund The Three Arrows Capital has said:
“Bitcoin has received good support. Funds and other market participants are preparing to invest heavily in it, as they are confident that the market will continue to grow.”