Addresses sent to exchanges for bitcoin hit a record low in the last 30 days
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Answer Addresses sent to exchanges for bitcoin hit a record low in the last 30 days
Bitcoin managed to breach the $50,000 level it was trying to break a few days ago after a price correction drove the coin to $42,000.
The bullish momentum pushed the bitcoin price to a 17-day high, as the coin reached $57,350 earlier yesterday and bitcoin is currently down to $56,800 at the time of writing this article, according to “coingecko.”
New data published on Glassnode reveals that crypto addresses that send BTC to exchanges have recorded a monthly decline.
I explainedglassThe new data, including:
The number of bitcoin addresses sent to exchanges (7d MA) just hit a one-month low of 5,930.185.
Read:Ripple CEO: The current collapse and downturn in the crypto market will pass too!
Bitcoin is usually sent to cryptocurrency exchanges from cold storage for the purpose of liquidation and selling or trading, thus, this data shows a culture of retention where more participants are storing Bitcoin for speculative purposes or investing for the future.
These stats are echoed by the fact that investors are multiplying in the derivatives market as Bitcoin futures are on a record-breaking trend.
Stablecoin flow is essential to maintain strong upward momentum:
Joseph Young, a cryptocurrency analyst, believes that Bitcoin needs steady flows of stablecoins to break the $58,000 resistance level. and stated By saying:
There is not a lot of margin capital going into Bitcoin at the moment.
Below is a graphic showing the flow of stablecoins to the trading platforms.
The rise of Bitcoin has been fueled for some time by institutional investment led by each of the giant companies:
“Tesla”, “Square”, “MicroStrategy”…
Recently, MicroStrategy added 205 BTC worth $10 million to its portfolio that already holds 91,064 BTC.
Read:Learn about the biggest mistake many bitcoin holders make
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