@BOMBERuss 2 July 2022 more from that month

In the last days of June, the on-chain indicator of the change in the net position of #crypto exchanges (Exchange Net Position Change) has updated a record low. This means that investors have been withdrawing their bitcoins (#BTC) from trading platforms in unprecedented volumes. The reason for the active outflow of coins from crypto exchanges is the bear market and the recent drawdown of BTC below the $20,000 mark. At the same time, this trend demonstrates that investors consider the current exchange rate of the coin to be relatively low and believe in its growth in the future. In addition, in this regard, another point draws attention to itself: it seems that the problem of increasing #centralization of cryptocurrency services and protocols is brewing. Probably, the record withdrawal of investors of their money from crypto exchanges is a kind of vote of no confidence in these services, embodying the classic principle "not your keys, not your money". The on-chain indicator of the change in the net position of crypto exchanges (Exchange Net Position Change) reflects the dynamics of changes in the balances of coins at all exchange addresses for 30 days. If the volume of coins on crypto exchange wallets has increased during this period, a green bar appears on the chart. If there was an outflow of coins from trading platforms, then the indicator has a red color. On the long-term chart of this #indicator, you can see that the green bars clearly prevailed over the red ones for some time. The situation has changed since the end of 2019 (blue line). The historical maximum for this on-chain indicator was registered in December 2017 (blue circle), around the same time when the BTC exchange rate rose to $ 20,000. To be more precise, this happened on December 28, 2017, when the 7-day SMA of this indicator reached the value of 245,000 BTC. However, starting in 2020, this on-chain metric began to carry out a gradual reversal, demonstrating an increasingly predominant #withdrawal of bitcoins from exchanges. The most active periods of coin outflows were noted in April 2020 (immediately after the collapse provoked by #COVID-19) and in November 2020 (when the parabolic growth of the previous bull market began). Both episodes are highlighted in red circles on the graph. Then the outflow indicators were, according to the 7-day SMA, -115,000 BTC and -127,000 BTC, respectively. Right now we are witnessing the third such wave with an update of historical values. For the last 4 days of June, the 7-day SMA indicator held at a record low of -133,000 BTC. How much have BTC stocks sunk on exchanges? (scr 3) The long-term chart of the BTC #balance on exchanges also confirms this trend for the withdrawal of coins from trading platforms. This on-chain indicator shows that the total number of coins on exchange addresses has sunk to a 4-year low. Here, as in the graph above, the turning point was the collapse in March 2020 due to the COVID-19 crisis. At that time, the stocks of bitcoins on exchanges amounted to a record 3,129 million BTC (the peak maximum of March 17; blue circle). Since then, the indicator has been declining for more than two years. As a result, the current balance of coin reserves on exchanges is 2.398 million BTC. This is almost a 4-year low. The last time this value reached a similar minimum was on July 25, 2018, or 1,436 days ago. As a rule, a large outflow of funds from #exchange accounts is observed at the bottom of market cycles, as users withdraw their coins to cold wallets. Also, sometimes such a situation may indicate the beginning of a long-term bull market. In this case, investors also demonstrate by their actions that they consider the current BTC rate to be relatively low and believe in its growth in the future. However, on the other hand, the current processes may also indicate the loss of investors' confidence in #cryptocurrency brokers, both centralized and decentralized. The key factors in the #destabilization of the crypto industry have recently become the problems of a number of well-known crypto projects, such as #Terra, #Celsius and Three Arrows Capital. The situation is also aggravated by numerous reports of staff cuts at many crypto exchanges, including #Coinbase, Crypto.com and #BlockFi. Such an outbreak of volatility, of course, contributes to the growth of investor concern and an increase in the outflow of funds from various platforms. It seems that in the pursuit of security and guarantees of the security of funds, they began to increasingly recall the classic principle "not your keys, not your money."