Bitcoin Enters Accumulation Phase as Investors Move Assets Off Exchanges
Data from Glassnode reveals that bitcoin (BTC) has entered the accumulation phase, with the number of bitcoins on exchanges continuously decreasing. Here are the key takeaways:
– BTC balance on exchanges has dropped to a five-year low of 2.2 million coins.
– This movement indicates that investors are transferring their assets to non-custodial wallets for long-term investments.
– The bitcoin balance on exchanges was at its highest in early 2020 when BTC was trading at $5,380.
– Bitcoin’s price is currently at $30,700, with a 24-hour trading volume down by more than 20%.
– The number of new Bitcoin addresses has reached a three-month high of 20,360.
While bitcoin has been consolidating between $30,000 and $31,000, this accumulation phase suggests a shift towards long-term investment strategies. As more investors move their assets off exchanges, it showcases growing confidence in the stability and potential of bitcoin.
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