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In the past week, more BTC was withdrawn from the exchange than it was in, resulting in a negative net inflow of over $ 425.6 million.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
Pantera Capital TON investment signals confidence in TON's scalability and ecosystem growth amid a bullish…
Jack Dorsey's Block initiates monthly Bitcoin investments to expand its holdings in 2024.
The EigenLayer airdrop plan includes distributing 110 EIGEN tokens minimum, with transferability post-September 30, 2024.
Crashino stands distinguished, not only for its cutting-edge platform but also for its groundbreaking acceptance…
Coinbase SEC lawsuit is still ongoing while the exchange remains confident, citing recent court developments.
Coinbase quarter revenue in transactions skyrocketed, helping the exchange earn $1.18 billion in profit.
This website uses cookies.