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With the price of bitcoin falling, there has been a lot of selling from investors. This selling trend has contributed to the continued decline in digital asset prices in recent times. However, as the bear race continues, there has been a marked reduction in the amount of BTC sold by holders. The drop in the number of addresses sending their coins to centralized exchanges speaks volumes.

Sellers are starting to calm down

Over the past year, the number of bitcoin addresses that have sent BTC to centralized exchanges, presumably to sell their holdings, has increased incredibly. But had begun to decline in recent weeks as sales began to calm down.

According glass knot, the number of addresses sending bitcoin to exchanges fell to a new 22-month low on Thursday. The number was around 4,445,369. But on Friday, another consecutive decline was recorded. This time around, the number of addresses sending BTC to exchanges was 4,443,202.

TradingView.com Bitcoin Price Chart

Bitcoin falls to mid-$18,000s | Source: BTCUSD on TradingView.com

That’s a far cry from the more than 6,000 wallets sending BTC to centralized exchanges in mid-2022. While the increase in wallets sending BTC to exchanges correlated with falling prices in Q2 2022, this is now the opposite that is the case. , with the drop coinciding with the drop in the price of bitcoin.

What this means for Bitcoin

Naturally, data like this indicates that there is a growing hoarding trend among investors, but not all indicators show that. An example is HODLer’s net position change that was recorded by Glassnode on Friday.

Instead of rising as one would expect in an accumulation trend, the HODLer’s net position change continues to fall. It has now hit a new 1-month low at 51,997.708. This shows that while there may be sales fatigue, it is still enough to put pressure on the price of the digital asset.

The amount of active bitcoin supply is still on the rise. It has now hit a new 1-month high of 718,437.728 BTC. It is slightly up from the previous 9/11 high of 717,097.427 BTC, which further lends credence to the fact that the selling is continuing.

Bitcoin’s price also succumbs to the selling pressure. The digital asset is currently trading below $19,000 and shows no indicators of a meaningful recovery.

Featured image from CNBC, charts from TradingView.com

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