© Reuters Bitcoin supply hits new highs
BeInCrypto – Cryptocurrency investors still pull their coins from exchanges, but not necessarily to sell them. At the moment, the amount of BTC held by the platforms is the highest, indicating long-term confidence in the asset.
The massive exodus experienced by Binance has slowed, but Bitcoin continues to leave centralized exchanges. December 13 Binance has left over $5 billion. USD when investors began to panic about its ability to withstand the playpen.
As reported by BeInCrypto, the world’s largest cryptocurrency exchange by volume managed to weather the storm. However, coins continue to flow from Binance and other exchanges. According to Glassnode, approximately $1.4 billion worth of Bitcoin has been left on exchanges in the past 24 hours.
However, the net outflow of BTC from exchanges dropped to just 641 million.
Daily chain exchange flow#Bitcoin $BTC 795.6M USD, 1.4 billion USD net flow: -641.2 million. USD#Ethereum USD 578.0M 891.8 million USD net flow: -313.8 million net flow: -$1.1Bhttps://t.co/dk2HbGwhVw
— Glassnode Alerts (@glassnodealerts) March 2022 December 14
In addition to the dire scenario, The withdrawal of Bitcoin from exchanges is generally considered to be obtuse.
This usually happens when investors are preparing to hold the asset rather than sell it (that is, when there are large inflows).
According to analytics provider Glassnode, that seems to be what’s happening right now.
The company noted this in its weekly chain report the supply of long-term holders reached an all-time high of 13.9 million. BTC. Regarding this year’s losses, he added:
“Despite these impressive losses, the age of the coin supply and the HODLing propensity of the remaining individuals continues to grow.
The amount of long-term Bitcoin reserves accounts for about 72.3% of the circulating stock.
Supplying Bitcoin “long-term holders” – Glassnode
The rally started in late July and didn’t end even when FTX crashed in early November. Glassnode noted that after every market downturn in 2022 there were longer periods of currency redistribution and accumulation.
A large amount of BTC was bought between $18,000 and $24,000, and this supply is aging into long-term support that has been in place for over six months.
Leverage occurred and weak hands sold their shares. Only those who were sure that they would recover longer remained continue to accumulate wealth at current prices.
Bitcoin price outlook
Bitcoin is still consolidating like it did after the FTX crash. But it hit its highest price in just over a month after rising 3.5% on the day.
As a result, BTC was trading at $17,781 at press time, up 13.5% since November 22nd.
1 month – BeInCrypto
But the bears are not out of the woods yet. Bitcoin is still down 74.3% from its all-time highhowever, investors are now in accumulation mode.
The post Self-custody Bitcoin Supply Hits New Highs appeared first on BeInCrypto.