The Bitcoin Price Consolidates as BTC Supply Outside Exchanges Reaches All-Time High
The Bitcoin (BTC) price has been consolidating between $29,000 and $29,600 over the past day. The amount of BTC outside exchanges has reached a new all-time high (ATH).
- Bitcoin supply on self-custodial wallets reaches 18.39 BTC, marking a new ATH.
- Bitcoin supply outside exchanges has been steadily increasing since December 2018.
- BTC price is down by 1.3% in the past 24 hours, currently trading around $29,030.
- Bitcoin’s 24-hour trading volume has decreased by 24% to $15.5 billion.
- Bitcoin’s total market capitalization is over $564 billion.
Additionally, Bitcoin’s one-week price volatility has been consistently rising since August 1, indicating an increase in short-term traders. On average, BTC’s price volatility has risen from 0.0034 on August 1 to 0.0062. On August 2, the price briefly touched $30,000, fueled by whale transactions exceeding $1 million worth of BTC. MicroStrategy is reportedly planning to acquire more Bitcoins while selling 750 million shares of its stock.
Hot Take: The consolidation of the Bitcoin price and the rising supply outside exchanges indicate a shift in the market dynamics. While short-term volatility may attract traders, the growing BTC reserves on self-custodial wallets suggest a long-term bullish sentiment among investors.
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