Bitcoin Exchange Deposit Share Rises to 4.4% After Three Monthly Declines

Bitcoin (BTC) held for six to 12 months sent a larger share of its movement to exchange wallets in the 30 days through Oct. 15, though the figure remained far below June.

In the latest window, 9,100 BTC from the six- to 12-month cohort moved to exchange wallets, equal to 4.4% of the 205,400 BTC moved. In the window ended Sept. 15, 7,900 BTC went to exchanges, or 3.7%.

The exchange-bound share had fallen from 40.4%, or 63,800 BTC, in the window ending June 17. It then measured 30.9% in the July 17 window and 9.8% in the Aug. 16 window before reaching 3.7% in September.

Total movement in the age group was higher in October than in June, rising from 157,700 BTC to 205,400 BTC. Across the measured periods, total movement ranged from 143,700 BTC to 216,500 BTC. The lower exchange-bound share therefore did not mean transfers in the cohort had stopped.

An exchange deposit records a transfer to an exchange wallet, not a completed sale. Transfers can also be used for derivatives trading or other exchange services. IT Tech said Bitcoin “still needs new buyers to move up, and they haven't shown up yet.”