In mid-September, Arcane Research reported that the number of bitcoins placed on crypto exchanges had dropped to a three-year low. The last time a similar situation was observed in August 2018.
Long-term BTC holders, increasingly referred to as hodlers, refuse to sell cryptocurrencies even when they drop in value.
According to Glassnode, hodlers now control just over 80% of the total Bitcoin supply – a record high not seen since 2015.
Analysts at Arcane Research found that long-term investors prefer to buy every drop and immediately put BTC in offline storage. Moreover, hodlers found themselves putting coins on exchanges even in those periods when the cost of bitcoin was adding up.
We are observing a tendency in which the pressure on the market is weakening, as the supply of BTC decreases, while the demand, on the contrary, increases.
Almost all categories of investors are engaged in accumulation. A Glassnode report released the previous evening said the number of bitcoin addresses containing at least 0.01 BTC set a new record (9.172 million).
Bitcoin rollback in September led to the fact that the share of profitable wallets decreased to 78.6%, analysts emphasized.
View metric:https://t.co/ik5IkrurRk pic.twitter.com/hVd7Xiea2x
— glassnode alerts (@glassnodealerts) September 28, 2021
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