According to the latest data from on-chain analytics firm Glassnode, people have been actively amassing bitcoin in the final months of 2021 despite the price drop below $ 48,000, and it doesn’t seem to stop anytime soon.
After hitting an all-time high (ATH) near USD 69,000 in early November, BTC price fell slowly and steadily, skyrocketing at USD 46,300 in 2021. Although BTC tried to bounce back slightly earlier in the week, BTC is still showing no signs of breaking the all-important $ 50,000 resistance anytime soon.
However, despite the drop in prices, BTC didn’t cause a major sell-off. Glassnode data shows that more and more people are hoarding BTC and not planning to sell it anytime soon.
In the past week, more BTC was withdrawn from the exchange than it was in, resulting in a negative net inflow of over $ 425.6 million.
https://twitter.com/glassnodealerts/status/1477869834415321088?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
BTC transfers to exchanges have also decreased significantly, reaching a 3-month low of 2,390 on January 2nd.
Bitcoins moved to the stock market (hourly chart, 7-day average) | Source: Glassnode
The total transactions in the Bitcoin network also reached a 4-month low, currently just over 10,000. The data suggests that this trend is likely to continue.
Number of Bitcoin trades (hourly chart, 7-day average) | Source: Glassnode
And while more and more Bitcoin seems to have gone untreated in the past few weeks, the general hoarding trend is nothing new. The number of the last active shipments in a year or two hit a 1-year high of over 2.3 million BTC on Jan. 3, meaning over $ 110 billion has not been moved in at least a while.
1 year to 2 years of active BTC offer (hourly chart, 1-day MA) | Source: Glassnode
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
With the platform facing a cracked whip, Trump Media company is expanding into new business…
Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…
Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…
SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…
The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…
This website uses cookies.