The number of BTC sitting on exchanges has declined to a 3-year low. Wholecoiners are on the rise charting a new all-time high.
BTC on Exchanges Sees 3-Year Lows
Caught the longest series of red candles in BTC history . With the addition of the terra luna and celcius cases to this decline, the crypto market and btc were baadly affected.
Now, though, there seems to be certain relief as BTC has recovered around $4,000. Moreover, data from Glassnode shows that investors have stopped transferring bitcoins onto exchanges. In fact, the number of coins sitting on trading platforms has declined substantially since before the most recent crash and is now down to a 3-year low of under 2.4 million BTC.
At the same time, the number of wallets holding at least 1 BTC has skyrocketed, which actually shows the interest of ordinary people in BTC rather than companies.
By concluding that the current bear market started after the ATH marked in November ($69,000), Glassnode noted in its latest post that this one had gone well within “historical norms and magnitude” compared to previous ones.
For example, the company asserted that the typical duration of a bear market is somewhere between 260 to 410 days. If we accept that the current one started in November, BTC should be closing down to the first number.
Additionally, previous bear markets have seen the asset’s price drop by 75% to up to 84% from the ATH. Now, the percentage went to almost 75% when bitcoin dipped to $17,500, which could signal that the bottom is in.
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