Bitcoin started the week strong, surpassing $30,000 in value due to rapid gains. Investors are moving their Bitcoin off centralized exchanges as confidence in these platforms decreases. Glassnode’s analysis reveals a continuous decline in the amount of Bitcoin held on exchange addresses since the COVID-19 crisis began. This decline has reached 11.7%, dropping to 2.27 million BTC, the lowest since December 2017. This decline is typically seen as positive for the cryptocurrency. Additionally, the “exchange whale ratio” is decreasing, indicating that large transactions to exchanges are decreasing compared to overall exchange inflow. CryptoQuant data suggests that selling pressure may be diminishing, with whales possibly accumulating Bitcoin rather than selling it. This market condition resembles the upward cycle of 2019. The recent surge in Bitcoin’s price was driven by BlackRock, the largest asset manager, filing for a spot BTC exchange-traded fund (ETF). Other US asset managers, including WisdomTree and Invesco, have also filed ETF applications, followed by Valkyrie.
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