Lately, there has been a sharp increase in BTC liquidations on crypto exchanges. This, while the bitcoin price was in a downtrend channel. The situation obviously favored a further tumble in the Bitcoin (BTC) market. But, for the past few weeks, analysts have observed a sharp decrease in BTC sales. What does this bode for the flagship crypto market?
BTC sales fall, prices too!
A few months ago, when the price of bitcoin (BTC) began to fall, many BTC holders began to liquidate their holdings. But, we are currently witnessing a drop in the number of addresses transferring BTC to centralized exchanges. This number gradually fell from 4,445.369 to 4,443.202 on Friday, which is the lowest level in 22 months. It must be said that in the middle of 2022, more than 6,000 wallets were transferring BTC to centralized exchanges.
Usually, a sharp decrease in the amount of BTC transferred indicates that investors are following a trend where they accumulate their holdings. However, the net change in position of HODLers is currently falling instead of rising. It is at a new one-month low of 51,997.708. Note that this indicator describes the variation over 30 days of the supply of BTC held by HODLers.
One would think that the current situation in the bitcoin (BTC) market portends a rise in the price of the crypto. But, the flagship digital asset continues to trade around $19,000. And, no indicator announces a significant recovery.
The number of holders transferring BTC has dropped significantly in recent weeks. At the same time, there is an increase in the amount of active supply of bitcoins. This amount reached 718,437.728 BTC, which is a new high. The old high was 717,097.427 BTC as of 9/11.
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