In a surprising turn of events, on-chain data reveals a striking trend in Bitcoin. With BTC prices experiencing a $27,106 dip, holders are not panicking but are accumulating. Exchange reserves have plummeted to their lowest levels this year, signaling a newfound confidence in the cryptocurrency.
Glassnode’s latest chart tracking active Bitcoin supply unveils an unprecedented phenomenon. Inactive BTC, coins that have remained motionless in a wallet for one, three, and even five years, have reached record highs since July 2023. This suggests that most of the BTC community is adopting a long-term perspective.
CoinMarketCap’s Bitcoin analytics echo these metrics, spotlighting wallet addresses based on their duration of BTC custody. Astonishingly, an estimated 69% of addresses, totaling 36.8 million, have clung to their BTC for over a year. This enduring commitment underscores a steadfast belief in the enduring value of cryptocurrency.
Bitcoin Exodus Amid Bullish Anticipation
CryptoQuant’s charts further affirm this narrative, illustrating a consistent decline in Bitcoin outflows from exchanges since July 2021. Currently, slightly over 2 million BTC remain on exchanges, indicating a collective decision to hold rather than hastily trade.
The CoinGlass Bitcoin exchange tracker delves deeper into the circulating BTC held by major centralized platforms. Binance emerges as the leader, boasting 543,281 BTC in its coffers. However, recent data unveils a remarkable trend of BTC exiting the exchange, with a substantial 21,645 BTC withdrawn in the last month alone.
Coinbase Pro secures the second spot with a balance of 435,530 BTC. Even this US-based giant has yet to be immune to the trend, experiencing 3,612 BTC leaving its platform in the past 30 days. The only outlier in the top 10 is OKX, which recorded a noteworthy inflow of 4,630 BTC in the same period.
Amidst this intriguing landscape, market commentators and analysts are rife with bullish predictions for Bitcoin’s potential value. Anticipation mounts for the highly-awaited mining reward halving slated for 2024, adding an extra layer of intrigue to the cryptocurrency’s trajectory. Holders seem committed, ready to weather the storms and emerge stronger in digital assets.
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