Bitcoin reserves on derivatives exchanges have dropped to levels last seen before the May price crash.
Data from on-chain analytics service CryptoQuant confirmed that as of Aug. 10, derivatives reserves totaled 1.256 million BTC — the least since May 11.
Against a backdrop of institutional interest returning to cryptocurrency instruments such as the Grayscale Bitcoin Trust (GBTC), figures show that major players have in fact been adding to their BTC holdings throughout the downturn.
“Big money has been buying,” analyst William Clemente commented this week.
Exchange balances prove the point, with derivatives platforms seeing a repeat of the trend last witnessed at the end of 2020.
