Bitcoin Hovers $23,000 As Self-Custodied BTC Explodes To Over $400 Billion

Key Points:

• Bitcoin’s existing supply continues to migrate to self-custody as prices hover around $23,000 in early February.
• YearnFinance recently witnessed the two largest transactions on its network in the last three months (by a wide margin).

According to a renowned analytics firm, a surge in negative attitudes against Bitcoin (BTC) and the crypto markets, in general, increases the likelihood that the 2023 bull run will continue.

According to Santiment, a large number of traders currently expect prices will fall this month – and when too many people feel the market will move one way, a surprise is usually in store.

Santiment cites notably poor sentiment for Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), Dogecoin (DOGE), and Solana (SOL).

According to the analytics platform, following January’s strong price action for cryptocurrency, the market appears to be anticipating a drop in February. Trader mistrust INCREASES the likelihood of prices rising further. Prices will generally move in the direction that the majority of people believe is most unlikely.

Santiment sees strength in Bitcoin’s fundamentals as well. According to the business, BTC’s existing supply has been steadily migrating into self-custody.

Santiment tweeted that Bitcoin’s existing supply continues to migrate to self-custody as prices hover around $23,000 in early February. There is now $416.5 billion in bitcoin languishing outside of exchanges and $29.2 billion in bitcoin on exchanges.

At the time of writing, Bitcoin (BTC) is worth $22,580.

The top-ranked crypto asset by market capitalization has dropped 1.54% in the last 24 hours and more than 5% in the last seven days.

Besides, the platform reported YearnFinance recently witnessed the two largest transactions on its network in the last three months (by a wide margin).

A pair of transactions for 3,869.54 $YFI ($29.8M each) were sent to a known proxy and whale address about a few hours ago.

Historically, these kinds of transfers are indicative of a price shift. $YFI’s price has dipped a very modest -1% since these transfer

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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