As a price for Bitcoin continues to rise, as does the percentage of investors who withdraw their funds from crypto exchanges, according to a recent analysis by Glassnode.
Currently 12.9% in circulation The offer, or about $ 163 billion, sits on the stock exchanges, according to report. The trend started in August when Bitcoin gained some upward momentum after a summer of falling prices.
All in all, Glassnode writes in its analysis that if investors hold more Bitcoin on exchanges, it is a sign that they think it is overvalued and want to be ready to sell. But that doesn’t seem to be the case.
Glassnode’s analysis found that daily net withdrawals from exchanges averaged 5,000 BTC. You write that “despite the fluctuations just below the ATHs, on-chain activity is still only slightly above the bear market level”.
In other words, the record high prices didn’t get a lot of people to sell. The majority of investors are happy with their Bitcoin HODL, and Glassnode says this is a sign that many of them expect the price to continue to spike.
Meanwhile the rate is new wallet address The sending or receiving of bitcoins has increased dramatically. On Monday, November 9th, the last day Glassnode recorded data, 516,914 new addresses were involved in a transaction. That’s a 72% increase over the number of new people sending or receiving Bitcoin in early August.
Just today, the total number of Bitcoin addresses has exceeded 900,000.
However, that doesn’t necessarily mean that many new users or companies are already entering the space. The Glassnode report goes on to say that the generation of new units – clusters of addresses that the company’s algorithm estimates are controlled by the same network unit – has barely outgrown the market rate.
It could be a sign that people are setting up more wallets, perhaps to be able to deposit their bitcoins into interest-bearing accounts, or that hedge funds already involved in the crypto market may be raising money.
“Watching price near ATHs while on-chain activity is near bear market lows is quite a remarkable divergence,” wrote Glassnode. “It makes a compelling case that the market is likely to remain in a quiet period of accumulation punctuated by low activity, large foreign exchange flows and very modest strategic spending on the part of the holders. Keep the experience.”
Translated by: tintucbitcoin.com