• BTC’s supply on exchanges dropped as its price went above $28,000.
• ETH’s price also surged by more than 9% last week, but a few indicators were bearish. 

KuCoin, a popular crypto exchange, recently published its asset reserve certificate, revealing users’ Bitcoin [BTC] and Ethereum [ETH] holdings. The latest report pointed out a drop in the numbers, which meant that investors were selling their assets.

Read Bitcoin’s [BTC] Price Prediction 2023-24

However, the possibility of investors selling BTC and ETH seemed unlikely to happen, especially at a time when the market gained bullish momentum. Therefore, taking a closer look at both the cryptos provided a better understanding of what was actually going on in the crypto market.

Decoding KuCoin’s charts

As per the latest data from KuCoin, BTC’s assets were 17,617.5 at press time, a decrease of 4%. ETH also dropped by more than 3%. Additionally, users’ Tether [USDT] assets on KuCoin plummeted by 4% compared to the last report.

This suggested that investors were actually selling their holdings. However, upon closer inspection, it was clear that this was the case limited to KuCoin.

Notably, BTC’s Supply on Exchanges has dropped over the last month. Its supply outside of exchanges increased at the same time, proving the fact that investors were buying the coins.

While this suggested that buying

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Author: Dipayan Mitra

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