According to the latest data from on-chain analytics firm Glassnode, people have been actively amassing bitcoin in the final months of 2021 despite the price drop below $ 48,000, and it doesn’t seem to stop anytime soon.
After hitting an all-time high (ATH) near USD 69,000 in early November, BTC price fell slowly and steadily, skyrocketing at USD 46,300 in 2021. Although BTC tried to bounce back slightly earlier in the week, BTC is still showing no signs of breaking the all-important $ 50,000 resistance anytime soon.
Bitcoin price chart | Source: TradingView
However, despite the drop in prices, BTC didn’t cause a major sell-off. Glassnode data shows that more and more people are hoarding BTC and not planning to sell it anytime soon.
In the past week, more BTC was withdrawn from the exchange than it was in, resulting in a negative net inflow of over $ 425.6 million.
🚨 Weekly on-chain exchange flow#Bitcoin $ BTC
➡️ $ 8.5 billion in
⬅️ $ 8.9 billion out
📉 Net flow: $ -425.6 million#Ether $ ETH
➡️ $ 5.0 billion in
⬅️ $ 4.4 billion out
📈 Net flow: + $ 597.1 million#Tether (ERC20) $ USDT
➡️ $ 5.1 billion in
⬅️ $ 6.4 billion out
📉 Net flow: $ 1.3 billionhttps://t.co/dk2HbGwhVw
– Glasnode warnings (@glassnodealerts) January 3, 2022
BTC transfers to exchanges have also decreased significantly, reaching a 3-month low of 2,390 on January 2nd.
Bitcoins moved to the stock market (hourly chart, 7-day average) | Source: Glassnode
The total transactions in the Bitcoin network also reached a 4-month low, currently just over 10,000. The data suggests that this trend is likely to continue.
Number of Bitcoin trades (hourly chart, 7-day average) | Source: Glassnode
And while more and more Bitcoin seems to have gone untreated in the past few weeks, the general hoarding trend is nothing new. The number of the last active shipments in a year or two hit a 1-year high of over 2.3 million BTC on Jan. 3, meaning over $ 110 billion has not been moved in at least a while.
1 year to 2 years of active BTC offer (hourly chart, 1-day MA) | Source: Glassnode
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