Number Of Bitcoin Addresses Sending BTC To Exchanges Continues To Drop
September 23 2022 - 7:00PM
NEWSBTC
With the decline in the price of bitcoin, there has been a lot of
selling from investors. This sell-off trend has contributed to the
further decline of the digital asset’s prices in recent times.
However, as the bear run continues, there has been a marked
reduction in the amount of BTC being sold off by the holders. The
decline in the number of addresses that are sending their coins to
centralized exchanges speaks volumes about this. Sellers Beginning
To Cool Off Over the last year, the number of bitcoin addresses
that had been sending BTC to centralized exchanges, presumably to
sell their holdings, had grown incredibly. But had started to
decline in recent weeks as the sell-offs had begun to subside.
Related Reading: Fed Interest Rates Hike Spur Crypto Market
Liquidations Of More Than $330 Million According to Glassnode, the
number of addresses that were sending bitcoin to exchanges had
fallen to a new 22-month low on Thursday. The number had sat around
4,445.369. But on Friday, another consecutive decline was recorded.
This time around, the number of addresses that were sending BTC to
exchanges was 4,443.202. Bitcoin falls to mid-$18,000s | Source:
BTCUSD on TradingView.com It is a far cry from the more than 6,000
wallets that were sending BTC to centralized exchanges in the
middle of 2022. While the increase in wallets sending BTC to
exchanges had correlated with the price decline back in Q2 2022,
the opposite is now the case, with the decline coinciding with the
drop in the price of bitcoin. What This Means For Bitcoin
Naturally, data like this points to the fact that there is a
growing accumulation trend among investors but not every metric
point to this. An example is the HODLer net position change that
was recorded by Glassnode on Friday. Instead of being on the rise
as would be expected in an accumulation trend, the HODLer net
position change continues to decline. It has now reached a new
one-month low of 51,997.708. This shows that even if there might be
a sell-off fatigue, it is still enough to put pressure on the price
of the digital asset. Related Reading: Stabilizing Ethereum Funding
Rates Suggests Recovery Might Be In The Works The amount of active
bitcoin supply is always on the rise. It has now touched a new
one-month high of 718,437.728 BTC. It is up slightly from the
previous September 11th high of 717,097.427 BTC, still giving
credence to the fact that sell-offs continue. Bitcoin’s price
is also succumbing under the sell pressure. The digital asset is
currently trading under $19,000 and doesn’t show any indicators of
a significant recovery. Featured image from CNBC, charts from
TradingView.com Follow Best Owie on Twitter for market insights,
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