It should be noted that the withdrawal of cryptocurrencies from exchanges is traditionally considered a positive trend. Firstly, it reduces buyer pressure, as those who want to get rid of digital assets usually keep them just on trading platforms. Second, storing crypto on familiar hardware wallets confirms investors’ willingness to wait the requisite amount of time before disposing of coins. Accordingly, they are also not going to sell crypto in the short term.

Note that there is another compelling reason to withdraw crypto today. We are talking about the activity of various trading platforms that are facing insolvency due to the current collapse of the cryptocurrency market. A particularly striking case was Celsius, whose management suspended coins withdrawals for its own users in the middle of the month. The company's representatives are now tentatively preparing for bankruptcy proceedings.

The funny thing is that users continue to receive notifications of profit accrual on their investments. However, given the blockchain, customers can’t access the crypto – and that makes them angry.

Notification of rewards accrual to Celsius users

What’s going on with Bitcoin?

Recall that since March, Bitcoin has managed to set another “anti-record” – the price of the main cryptocurrency has fallen for a full nine weeks in a row, which has never happened before in its history. The downward trend culminated in the collapse of BTC below the critical level of $20,000. The local low for the rate of the first cryptocurrency at this stage of the collapse is the level of $17,622.

Bitcoin exchange rate

Until today, Bitcoin has managed to increase in price a little bit, and the first really positive news has appeared around it. According to CryptoPotato sources, BTC volumes on cryptocurrency exchanges have reached their lows in the last three years. Here’s a relevant graph of the figure from the analysts.

The number of bitcoins on exchanges

Glassnode experts also note the increased activity of investors with relatively small capital. For example, the number of cryptocurrency wallets with at least 1 BTC on their balance grew to an all-time high of 870,762 units.

Number of cryptocurrencies with a balance of 1 BTC+

Unfortunately, Bitcoin is unlikely to deliver impressive growth in the coming weeks, given the challenging geopolitical and macroeconomic environment. But it’s a good basis for a future major bull run – remember, the less bitcoins on exchanges, the less pressure sellers put on the market.

Read also: The creators of the Bored Ape Yacht Club were accused of supporting Nazism. What did the representatives of the NFT collection respond?

By the way, much of the collapse of Bitcoin contributed to the collapse of the Terra project, which caused multibillion losses. Its creator Do Kwon lost his reputation forever and lost most of his fortune. Now he’s also come under the radar of hacker group Anonymous, whose members said in a recent YouTube post that they would make sure Kwon “goes to trial.

Here’s the relevant quote from the organization, cited by CryptoSlate

To Kwon, if you can hear us, unfortunately there is nothing that can be done to reverse the damage you have done. The only thing we can do at this point is to hold you accountable and make sure you are brought to trial as soon as possible.

And here is the original clip. We recommend you watch it if you can understand English.

The team intends to investigate Kwon’s history since he entered the crypto industry and believes there are several other crimes he may have committed.

There’s no doubt that many more crimes will be uncovered on your journey to disrupt the crypto industry.

Kwon himself and his company Terraform Labs are now in the middle of a lawsuit initiated by South Korean law enforcement. So what are Anonymous trying to accomplish? It`s likely they`ll resort to publishing some dirt on the Terra creator to make it worse.


We think this trend in crypto investor behaviour is quite logical. Apparently, current crypto buyers have prepared for the prospect of a collapse and have saved steiblocks for purchase. And since such transactions were planned, investors are clearly planning for the long term. Therefore, for such people buying crypto after the collapse and withdrawing coins to hardware wallets for long-term storage seems to be the best possible solution. And as time shows, earlier this scheme really worked.


Follow the development of the situation in our millionaires cryptochat. We’ll discuss other developments in the blockchain world there as well.