Inter-exchange Transfers of BTC Fell to Its Lowest Levels Since 2017, With Daily Transfers Touching 2,004
- Bitcoin's inter-exchange transfer dropped to the lowest level since 6 years ago.
- The flux in the crypto market is the reason for the drop.
- Crypto traders can take advantage of the situation and transfer their crypto to exchange with better prices.
Bitcoin, the largest and most popular cryptocurrency, has seen its inter-exchange transfer drop to its lowest levels since 2017. According to BanklessTimes.com data, the daily transfers of Bitcoin stood at 2,004 on Jan 1st 2023, the lowest it has been since 2017.
Jonathan Merry, the CEO of BanklessTimes, commented on the data,
The drop in BTC transfer is significant as the crypto market has been volatile for some time. Many traders are hesitant to move their funds due to the market swings, and this might be the reason why the inter-exchange transfer has taken a dip.BanklessTimes CEO, Jonathan Merry
Reasons for the Fall in BTC’s Inter-exchange Transfer
The decrease in inter-exchange transfers of Bitcoin is mainly attributed to market volatility. As the crypto market is constantly in flux, traders are not willing to move their assets from one exchange to another as it could result in losses.
The second reason for the drop in inter-exchange transfers is high exchange fees and liquidity issues. Exchanges tend to charge high fees for transferring cryptocurrencies, making it difficult for traders to move their assets. This could be a major factor contributing to the drop in the inter-exchange transfer of BTC.
Additionally, some exchanges' liquidity issues may also contribute to the decline in BTC transfers. Low liquidity could make it difficult for traders to buy and sell cryptocurrencies, resulting in fewer inter-exchange transfers.
For Daring Traders, Here Is an Opportunity
Bitcoin is currently experiencing a period of low rates, which allows users to take advantage of the situation.
Another way to take advantage of the low rates is to buy BTC on one exchange and then wait for the price to go up on another exchange. You can track the prices on different exchanges and then transfer BTC to the exchange where the price is higher.
Also, users can take advantage of the low rates by simply holding onto their BTC and waiting for the price to rebound. This is a risky strategy, but it can pay off if the price of BTC spikes.
Whatever strategy users pursue, they should take advantage of the low rates while they last.