BitMEX has seen growth in its insurance and cold storage Bitcoin. Despite a significant drop through July, the company is recovering at a steady pace.
Being one of the largest exchanges in the world by volume, BitMEX has an extensive insurance fund. Therefore, tracking the BTC in its exchange wallet is often a good means of looking at expected trading growth. According to recent reports, BitMEX’s cold wallets are growing again, which means that more people are depositing to trade again after a brief July exodus.
According to BitMEX’s cold wallets, there was a significant decline in deposited BTC throughout July. The exchange’s cold storage dropped from over 190,000 BTC to around 165,000 BTC. However, it has since risen to about 180,000 BTC. This is good news for traders, as it indicates that more and more users are pouring into BitMEX, depositing funds, and boosting trading volume. It also suggests the market is overall quite healthy and even improving. Given Bitcoin’s explosive rise in May and June, many traders decided to opt-out of trading in July due to Bitcoin’s choppy price movements. This could likely be the reason for the slight decline in BTC deposits on BitMEX, which explains the drop in the exchange’s cold storage assets. However, as Bitcoin continues to demonstrate resilience above the $10,000 price point, many of these traders are now coming back.Bitmex / CFTC one month on – seeing inflows again pic.twitter.com/IXQkQlaCVA
— skew (@skewdotcom) August 19, 2019
It remains to be seen whether Bitcoin can maintain this bullish momentum. However, having survived a potentially organized mass-sell off, the asset’s future is looking strong. We can expect to see some more sideways action for the time being before the next leg-up, however. Cold storage wallets on BitMEX are likely to keep rising as well, another positive indicator of what’s to come.
Do you think that market movements can be tracked and related to exchanges’ cold wallets? Let us know your thoughts below in the comments.
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