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Bitcoin Exchange Reserves Crashes to Their Lowest Ever, But its not all Bullish
The Bitcoin exchange reserve is at its lowest value ever. As of the time of writing, the total BTC in exchanges is around 2.72 million. It fell to this level amid massive selling pressure that drove prices lower between Wednesday and Thursday. While this event is supposed to be all bullish, the stablecoin reserve suggests that Bitcoin may be heading for another period of price downturn. Breaking down the chart, notice that when liquidity increased, the apex coin saw significant buying pressure amid a declining price. However, the pressure faded when investors began pulling funds from the market. As of Mar. 18, the stablecoin reserve was $68.8 billion. However, it dropped to $68.2 billion, indicating that investors moved over $600 Million in less than 48 hours. Such sharpness was recorded between Jan 18 and 21, followed by a massive liquidity pullout. If the same trend plays out, Bitcoin may be heading for a massive decline in the coming days.