Key Points:
- CryptoQuant research shows an 80% decline in bitcoin addresses logging inflows.
- The decline reached 84% when compared to the peak in May 2021.
- The amount of bitcoin being deposited into exchanges and overall supply has decreased significantly.
- Long-term hodlers prefer self-custody wallets over exchanges.
- Positive perception and developments in the financial industry indicate an evolution in bitcoin’s perception.
- The classification of cryptocurrencies remains a prominent topic of discussion in regulatory circles.
- Bitcoin’s price has increased by 1.38% in the last 24 hours, currently at $30,998.13.
- Bitcoin’s price has shown a positive trend since November 2022, with a year-to-date climb of 62%.
Hot Take:
Bitcoin’s supply dynamics are changing as more hodlers choose to store their assets in self-custody wallets. This shift, combined with positive developments in the financial industry, suggests an evolving perception of bitcoin. However, the classification of cryptocurrencies remains a topic of discussion among regulators. Despite regulatory debates, bitcoin’s price has shown a positive trend, increasing by 1.38% in the last 24 hours and experiencing a year-to-date climb of 62%. The future of bitcoin and its regulatory environment will continue to shape the cryptocurrency market.
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