The number of people sending Bitcoin to major cryptocurrency exchanges has declined in recent months, according to data from London-based crypto research firm TokenAnalyst.
Specifically, the data showed that the number of addresses sending BTC to Bitfinex and Binance–two of the world’s largest cryptocurrency exchanges by volume–have dropped considerably. Bitfinex’ numbers are at a two-year low, while the addresses sending BTC to Binance have dropped down to levels not seen since early 2018. According to data from SimilarWeb, online traffic to both exchanges is also at a four-month low.
Sid Shekhar, who co-founded TokenAnalyst, said to Bloomberg that the decline in the number of addresses can be attributed to a “lack of retail interest in general currently in crypto.”
This theory runs counter to the narrative that paints Bitcoin as an alternative to fiat currencies that are losing their value. “If we go by the ‘Bitcoin as safe haven in times of recession’ narrative, the number of new users/buyers should actually be increasing,” Shekhar explained. Read More at FinanceMagnates..