• bitcoinBitcoin (BTC) $ 117,873.00
  • ethereumEthereum (ETH) $ 3,791.50
  • xrpXRP (XRP) $ 3.13
  • tetherTether (USDT) $ 0.999780
  • bnbBNB (BNB) $ 805.01
  • solanaSolana (SOL) $ 181.28
  • usd-coinUSDC (USDC) $ 0.999812
  • staked-etherLido Staked Ether (STETH) $ 3,788.13
  • dogecoinDogecoin (DOGE) $ 0.223694
  • tronTRON (TRX) $ 0.338127
  • cardanoCardano (ADA) $ 0.782450
  • wrapped-stethWrapped stETH (WSTETH) $ 4,574.92
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 117,517.00
  • hyperliquidHyperliquid (HYPE) $ 43.41
  • suiSui (SUI) $ 3.81
  • stellarStellar (XLM) $ 0.420862
  • chainlinkChainlink (LINK) $ 17.82
  • wrapped-beacon-ethWrapped Beacon ETH (WBETH) $ 4,072.46
  • bitcoin-cashBitcoin Cash (BCH) $ 563.78
  • hedera-hashgraphHedera (HBAR) $ 0.263657
  • wrapped-eethWrapped eETH (WEETH) $ 4,064.31
  • avalanche-2Avalanche (AVAX) $ 24.36
  • wethWETH (WETH) $ 3,792.05
  • leo-tokenLEO Token (LEO) $ 8.96
  • litecoinLitecoin (LTC) $ 108.52
  • the-open-networkToncoin (TON) $ 3.37
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • usdsUSDS (USDS) $ 0.999754
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 117,910.00
  • whitebitWhiteBIT Coin (WBT) $ 44.03
  • uniswapUniswap (UNI) $ 10.29
  • polkadotPolkadot (DOT) $ 3.90
  • moneroMonero (XMR) $ 313.99
  • bitget-tokenBitget Token (BGB) $ 4.53
  • pepePepe (PEPE) $ 0.000012
  • crypto-com-chainCronos (CRO) $ 0.145195
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.19
  • aaveAave (AAVE) $ 282.08
  • daiDai (DAI) $ 0.999815
  • bittensorBittensor (TAO) $ 383.48
  • ethenaEthena (ENA) $ 0.570579
  • nearNEAR Protocol (NEAR) $ 2.72
  • ethereum-classicEthereum Classic (ETC) $ 21.74
  • pi-networkPi Network (PI) $ 0.428725
  • aptosAptos (APT) $ 4.58
  • ondo-financeOndo (ONDO) $ 0.958456
  • internet-computerInternet Computer (ICP) $ 5.45
  • okbOKB (OKB) $ 48.30
  • jito-staked-solJito Staked SOL (JITOSOL) $ 221.19
  • mantleMantle (MNT) $ 0.762876
  • kaspaKaspa (KAS) $ 0.095588
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.037996
  • binance-peg-wethBinance-Peg WETH (WETH) $ 3,798.92
  • algorandAlgorand (ALGO) $ 0.260350
  • bonkBonk (BONK) $ 0.000029
  • usd1-wlfiUSD1 (USD1) $ 0.999403
  • arbitrumArbitrum (ARB) $ 0.424493
  • vechainVeChain (VET) $ 0.025241
  • cosmosCosmos Hub (ATOM) $ 4.61
  • gatechain-tokenGate (GT) $ 17.56
  • render-tokenRender (RENDER) $ 3.93
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.221591
  • fasttokenFasttoken (FTN) $ 4.58
  • worldcoin-wldWorldcoin (WLD) $ 1.08
  • official-trumpOfficial Trump (TRUMP) $ 9.48
  • spx6900SPX6900 (SPX) $ 2.00
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.708250
  • sei-networkSei (SEI) $ 0.318859
  • skySky (SKY) $ 0.085455
  • binance-staked-solBinance Staked SOL (BNSOL) $ 192.96
  • susdssUSDS (SUSDS) $ 1.06
  • rocket-pool-ethRocket Pool ETH (RETH) $ 4,312.84
  • filecoinFilecoin (FIL) $ 2.57
  • quant-networkQuant (QNT) $ 120.23
  • flare-networksFlare (FLR) $ 0.024845
  • story-2Story (IP) $ 5.82
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,974.17
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 117,674.00
  • jupiter-perpetuals-liquidity-provider-tokenJupiter Perpetuals Liquidity Provider Token (JLP) $ 5.05
  • xdce-crowd-saleXDC Network (XDC) $ 0.099872
  • jupiter-exchange-solanaJupiter (JUP) $ 0.537541
  • usdtbUSDtb (USDTB) $ 0.999551
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 4,019.76
  • kucoin-sharesKuCoin (KCS) $ 11.32
  • mantle-staked-etherMantle Staked Ether (METH) $ 4,056.73
  • liquid-staked-ethereumLiquid Staked ETH (LSETH) $ 4,097.77
  • injective-protocolInjective (INJ) $ 14.10
  • usdt0USDT0 (USDT0) $ 0.999939
  • curve-dao-tokenCurve DAO (CRV) $ 0.988472
  • celestiaCelestia (TIA) $ 1.87
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.996788
  • nexoNEXO (NEXO) $ 1.32
  • optimismOptimism (OP) $ 0.725097
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,991.74
  • blockstackStacks (STX) $ 0.781395
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 0.999636
  • falcon-financeFalcon USD (USDF) $ 0.999642
  • solv-btcSolv Protocol BTC (SOLVBTC) $ 117,562.00
  • flokiFLOKI (FLOKI) $ 0.000116
  • fartcoinFartcoin (FARTCOIN) $ 1.09
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 204.26
  • wbnbWrapped BNB (WBNB) $ 805.64
  • immutable-xImmutable (IMX) $ 0.561522
  • conflux-tokenConflux (CFX) $ 0.206344
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 3,785.46
  • the-graphThe Graph (GRT) $ 0.102134
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • sonic-3Sonic (S) $ 0.307791
  • pump-funPump.fun (PUMP) $ 0.002808
  • dogwifcoindogwifhat (WIF) $ 0.984983
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.85
  • ethereum-name-serviceEthereum Name Service (ENS) $ 28.61
  • paypal-usdPayPal USD (PYUSD) $ 1.00
  • pax-goldPAX Gold (PAXG) $ 3,334.54
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 117,699.00
  • saros-financeSaros (SAROS) $ 0.357000
  • msolMarinade Staked SOL (MSOL) $ 237.94
  • syrupusdcSyrupUSDC (SYRUPUSDC) $ 1.11
  • lido-daoLido DAO (LDO) $ 1.04
  • kaiaKaia (KAIA) $ 0.159277
  • clbtcclBTC (CLBTC) $ 120,697.00
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.38
  • tezosTezos (XTZ) $ 0.849949
  • vaultaVaulta (A) $ 0.543662
  • theta-tokenTheta Network (THETA) $ 0.854891
  • tether-goldTether Gold (XAUT) $ 3,330.19
  • raydiumRaydium (RAY) $ 3.03
  • super-oethSuper OETH (SUPEROETH) $ 3,790.67
  • iotaIOTA (IOTA) $ 0.203562
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 4,055.10
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 3,916.27
  • jasmycoinJasmyCoin (JASMY) $ 0.016058
  • galaGALA (GALA) $ 0.016826
  • pyth-networkPyth Network (PYTH) $ 0.126551
  • the-sandboxThe Sandbox (SAND) $ 0.295894
  • pendlePendle (PENDLE) $ 4.37
  • aerodrome-financeAerodrome Finance (AERO) $ 0.815328
  • ousgOUSG (OUSG) $ 111.98
  • bittorrentBitTorrent (BTT) $ 0.00000071
  • jito-governance-tokenJito (JTO) $ 1.92
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.08
  • usdx-money-usdxStables Labs USDX (USDX) $ 0.997608
  • tbtctBTC (TBTC) $ 117,574.00
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 3,791.94
  • zcashZcash (ZEC) $ 40.54
  • flowFlow (FLOW) $ 0.394045
  • heliumHelium (HNT) $ 3.24
  • newton-projectAB (AB) $ 0.008522
  • walrus-2Walrus (WAL) $ 0.427151
  • stader-ethxStader ETHx (ETHX) $ 4,033.29
  • usual-usdUsual USD (USD0) $ 0.997632
  • morphoMorpho (MORPHO) $ 1.80
  • decentralandDecentraland (MANA) $ 0.301873
  • ripple-usdRipple USD (RLUSD) $ 0.999705
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.224121
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 117,851.00
  • syrupMaple Finance (SYRUP) $ 0.473778
  • memecoreMemeCore (M) $ 0.339876
  • usddUSDD (USDD) $ 0.999631
  • solv-protocol-solvbtc-bbnSolv Protocol Staked BTC (XSOLVBTC) $ 117,061.00
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 3,792.10
  • mog-coinMog Coin (MOG) $ 0.000001
  • bitcoin-svBitcoin SV (BSV) $ 27.93
  • chain-2Onyxcoin (XCN) $ 0.016012
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 4,181.19
  • build-onBUILDon (B) $ 0.543285
  • beldexBeldex (BDX) $ 0.075822
  • coredaoorgCore (CORE) $ 0.535984
  • based-brettBrett (BRETT) $ 0.052821
  • ether-fiEther.fi (ETHFI) $ 1.21
  • keetaKeeta (KTA) $ 1.25
  • swethSwell Ethereum (SWETH) $ 4,150.27
  • reserve-rights-tokenReserve Rights (RSR) $ 0.008501
  • arweaveArweave (AR) $ 7.60
  • true-usdTrueUSD (TUSD) $ 0.997287
  • apecoinApeCoin (APE) $ 0.616219
  • thorchainTHORChain (RUNE) $ 1.40
  • telcoinTelcoin (TEL) $ 0.005341
  • apenftAPENFT (NFT) $ 0.00000049
  • wrapped-hypeWrapped HYPE (WHYPE) $ 43.33
  • neoNEO (NEO) $ 6.50
  • starknetStarknet (STRK) $ 0.127311
  • zebec-networkZebec Network (ZBCN) $ 0.005273
  • savings-daiSavings Dai (SDAI) $ 1.16
  • frax-etherFrax Ether (FRXETH) $ 3,779.60
  • dydx-chaindYdX (DYDX) $ 0.594044
  • compound-governance-tokenCompound (COMP) $ 47.62
  • aioz-networkAIOZ Network (AIOZ) $ 0.377278
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 3,792.03
  • elrond-erd-2MultiversX (EGLD) $ 15.30
  • ecasheCash (XEC) $ 0.000022
  • sun-tokenSun Token (SUN) $ 0.022410
  • tokenize-xchangeTokenize Xchange (TKX) $ 5.31
  • wemix-tokenWEMIX (WEMIX) $ 0.936229
  • kavaKava (KAVA) $ 0.389819
  • treehouse-ethTreehouse ETH (TETH) $ 4,581.05
  • zksyncZKsync (ZK) $ 0.057951

Bitcoin price stuck in a range as balances on exchanges plunge

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Bitcoin price stuck in a range as balances on exchanges plunge

Bitcoin price remained in a consolidation phase even as the amount held on exchanges continued to decline.

Bitcoin (BTC) was seen trading at $62,540 on Oct. 8, slightly below this week’s high of $64,500. It remains in a correction after falling 15% from its highest point this year.

Bitcoin still has some potential catalysts that could push its price higher in the coming months. Data from CoinGlass shows that Bitcoin reserves on exchanges have continued to fall, reaching a year-to-date low of 2.34 million.

Bitcoin price stuck in a range as balances on exchanges plunge

Bitcoin balances on exchanges | Source: CoinGlass

It is estimated that Bitcoins worth over $31 billion have been removed from exchanges since February. Most of these coins have moved to self-custody wallets, while others have been transferred to exchange-traded funds.

Flows from exchanges to wallets are often a sign that most holders are bullish. Some prominent companies, such as MicroStrategy, Marathon Digital, Block, and Tesla, are among the most bullish in the industry.

MicroStrategy has accumulated over 252,000 worth of Bitcoins while Marathon holds 26,842 coins. Tesla and Block, formerly known as Square, hold 9,720 and 8,211 coins, respectively.

You might also like: Spot Bitcoin ETF inflows surge nine fold, Ethereum ETFs stall

Additional data from Nansen shows that smart money holdings of stablecoins have dropped to their lowest level in years.

The figure peaked at 38.5% in May 2022 when Terra collapsed and rebounded to 35.7% in November of the same year after FTX collapsed. It has been in a strong downtrend since then, suggesting that smart money is mostly bullish on cryptocurrencies.

Bitcoin price stuck in a range as balances on exchanges plunge

Stablecoin holdings by smart money | Source: Nansen

Bitcoin has found support at the 200 EMA

Bitcoin price stuck in a range as balances on exchanges plunge

Bitcoin price chart by TradingView

On the daily chart, Bitcoin has remained within the descending black channel that connects the highest and lowest swings since March. This channel can be viewed as a falling broadening wedge, a popular bullish sign.

It has also found support at the 200-day Exponential Moving Average, which is a positive sign. However, Bitcoin has formed a small evening star candlestick pattern, characterized by a small red body and a long upper shadow.

Therefore, Bitcoin will need to rise above the upper side of the shadow pattern at $64,500. After that, bulls will need to push it above the descending trendline and then the all-time high of $73,800 to continue the uptrend.

The alternative scenario is where Bitcoin drops below the 200-day EMA at $60,000. If this happens, it will increase the chances of a drop to the lower side of the wedge at $52,000.

You might also like: Bitcoin price could retest all-time high soon; analyst predicts

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