Bitcoins stored on exchanges are the lowest since May 2019
Bitcoins stored on exchanges are at their lowest level since May 2019 and the numbers continue to drop which means the selling pressure is easing, so read more on our latest Bitcoin News I.
Online chain analyst firm Santimetn has reported that the supply of Bitcoin on the exchanges has dropped to levels not seen since May 2019, which is widely considered bullish as investors dump BTC from Bitcoin exchanges when they get in are in a holding position and are not really interested in selling. Sentiment is calling it a really good sign of the downside risk of a sell-off as BTC price falls this week on another Chinese FUD. Since Monday, the price of BTC has fallen by around 2.4%, which is quite normal for an average trading week.
???? supply #Bitcoin Sitting on the exchanges has dropped to levels not seen since May 2019. This is a sure sign of less pressure to sell $ BTC. While # Tether The supply has not been so high since June, a sign of increased purchasing power. https://t.co/2riFvhnXUE pic.twitter.com/wdB7FEQrmk
– mood (@santimentfeed) September 27, 2021
Santiment also observed that the number of stablecoins on the exchanges like Tether hasn’t been so high since June, suggesting that buyer pressure is also mounting. According to the analysis company, 17.6% of the total USDT supply is currently on trading platforms. Glassnode confirms the story in its weekly report, which says that on-chain activity for BTC is also decreasing. On-chain entities are in a declining channel of activity as network participation slows down.
“This reinforces the argument that the market could be dominated by HODlers and retailers, with less participation from newcomers and retail speculators.”
There is also the premise that exchanges are now using batch processing of transactions and Lightning Network adoption has increased while most view metrics as biased. By observing the growth of companies, the analyst concludes that most of today’s market participants are long-term holders and accumulators, but there is a large accumulation in the short term, the first phase of a bull market and the latter of a bear market.
Glassnode reported that the amount of Bitcoin in liquid form has returned to December 2018 levels, only helping the outflow from the stock market indices.
BTC changed hands at press time after falling 3.5% monthly and resistance is at $ 45,600 where a lying moving average of 200 is an indicator to trade view. Bitcoins stored on exchanges hit their lowest level since May 2019 and support is now at $ 41,150, with the asset trending lower over the past 3 weeks.
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