24,000 BTC withdrawn from exchanges after halving, and traders’ interest in altcoins is growing

2 min readMay 14, 2020

The blockchain technology market will reach $21 billion by 2025

Says a report by Fortune Business Insights. According to experts, the consequences of the coronavirus pandemic crisis will contribute to the development of the blockchain segment.

“The rising interest from public or government authorities for growing research and regulatory approvals of products in the market will accelerate the expansion of the blockchain industry. The blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025 […] exhibiting a CAGR of 38.4% during 2018–2025,” analysts write.

They note that large companies enter the market, the IT giant IBM being the current dominant player. Microsoft Corporation, The Linux Foundation, Oracle Corporation, Fintech & Blockchain Software House, Deloitte and Consensus Systems also have blockchain technologies.

Traders’ interest in altcoins is growing

75% of Coinbase users buy altcoins, according to a study made by the exchange.

60% of traders acquire bitcoin as their first asset, 24% of them keep funds only in BTC, the remaining 36% diversify the portfolio with other cryptocurrencies.

An increase in the popularity of altcoins is observed against the background of their increase price volatility. For example, during the 2017 bull market, the share of LTC and ETH trading increased by 70%. However, bitcoin is a leader and is likely to “remain king for a long time,” the study notes.

Users withdraw 24, 000 BTC from exchanges after halving

Halving has not changed the trend that has been observed since the beginning of the year — investors continue to withdraw funds from cryptocurrency platforms.

Immediately after the halving, users withdrew 24,000 BTC ($233 million), Glassnode says. Daily withdrawal volumes rose to their highest levels since late March.

At the same time, trade turnover on exchanges in April has fallen by 25% compared with the previous month.