By Hassan Mehmood (Saudi Arabia)
According to research conducted by Arcane Research, more and more investors are pulling their Bitcoin tokens from centralized exchanges.
This is nothing new, as people have done in the past; whenever the market approaches a stance where nothing could be said for real, and things are falling off like a black fever taking on cities and regions, people tend to pull their favorite cryptocurrencies from the exchanges.Â
But according to Arcane research, the outflow volume of the crypto moving out of the centralized exchanges, especially for Bitcoin, is out of this world. No matter what kind of situations the flagship crypto has faced in the past, investors have never done this.
People are shifting their BTC tokens from the centralized exchanges directly into the crypto wallets, and this has been going on for the recent few months. To have a context of the situation and just how dire it has become, here is something to think upon.
In the month of June, more than 119K crypto tokens that are BTC left the centralized exchanges, and then in July, investors moved 96K more, and come August, 65K more bitcoin tokens have vanished from the crypto exchanges, and this is all connected and not random at all.
Decentralized Crypto Exchanges to Gain Popularity Among Bitcoin Traders
Many crypto analysts believe that because the price of Bitcoin is not rising or showing any measure of a rebound, investors have taken to the task of shoveling crypto tokens from centralized exchanges into their crypto wallets to create a sense of demand within the centralized crypto exchanges. This will jolt all the right chains of the crypto market, making the flagship cryptocurrency show a price rebound.
But according to others, people have just lost their hope and trust in the centralized exchanges given the collapse of Celsius, Babel finance, voyager digital, and many others, and they do not think that their investment is safe there, and that is why they are doing this, i.e., shifting their crypto from exchanges into their personal wallets.
It is possible that from now on, all Bitcoin trading, i.e., selling and buying, will take place directly over the decentralized exchanges.
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