While Bitcoin is still on track to go back to $ 60,000, Bitcoin address transfers to Exchanges continue to decline, with a new low in the last 13 months.
Specifically, as indicated by the reviews From crypto market data aggregator Glassnode, as of December 12, the number of Bitcoin addresses sending to exchanges hit a new 13-month low of 4,197.9. For the seven-day moving average (7-day MA).
In addition, the metric that tracks the number of unique addresses that appear as senders in a transaction that sends funds to exchanges recorded the latest 13-month low on November 24, 2021 at 4,202.91.
As a curious fact, during the bear market of 2018, more and more coins were deposited in the Exchanges. Today, the exact opposite is the case. There are no confirmations yet to tell us that the bulls have regained control.
Particularly in a recent publication, Bloomberg analyst Mike McGlone indicates that 2022 looks bullish for Bitcoin.
«The key question facing Bitcoin near the start of 2022 is whether it is peaking or just a consolidating bull market. We think it’s the latest».
Do investors prefer to keep their Bitcoins off the exchanges?
Thus, the decrease in the amount of Bitcoin in the exchanges is an indication that investors prefer to keep their assets outside the exchanges. Waiting for a price hike.
Indeed, the fall of Bitcoin has affected other assets as well. For this reason, many investors prefer to keep their cryptocurrencies out of the market, for fear of losses.
In fact, most investors who have their assets in cold wallets move their Bitcoins to benefit from the high prices. But, the current volatility has generated losses.
In particular, even though the price has been falling, the currency reserves on the Exchanges are also falling. This indicates that holders continue to move their BTC to cold wallets with an eye to the long term.
By the way, at the time of this writing Bitcoin (BTC) is trading at $ 49,004.18. This is recorded by our internal Crypto Online tool.
To conclude, why is it good that there is little amount of Bitcoin in the exchanges? Does everything seem to indicate that an exponential takeoff in price is coming? Leave your opinion in the comment box.
In closing, all our publications areof character informative. Therefore, in no case, they should be targeted as investment advice. Always do your own research.
I say goodbye with this phrase from Cicero: «When the drums speak, the laws are silent».
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Decrease in the amount of Bitcoin in the exchanges