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HODL? Just 12.9% of the Bitcoin Supply Left on Exchanges

According to a recent Glassnode analysis, 12.9% of the circulating Bitcoin supply is sitting on exchanges. This means bitcoin holders are waiting for bigger paydays.

The vast majority of Bitcoin supply hasn’t been touched since August, a sign investors believe the price will keep rising.

When Bitcoin enters exchanges, it means holders prepare to sell. But this is not the case for the moment. As per Glassnode’s analysis, 5,000 BTC are withdrawn daily from the exchanges.

Another interesting aspect is the rise in the number of new wallet addresses involved in Bitcoin transactions. As per Glassnode data, on November 9, there were 516,914 new addresses active in a transaction. It represents 72% more newcomers sending or receiving bitcoin since the beginning of August. But this doesn’t mean that new users are joining the crypto space. It can also be a new address from the same network indicating that people can set up new wallets to store their Bitcoin in interest-earning accounts or hedge funds are raising money.

“Watching price near ATHs while on-chain activity is near bear market lows is quite a remarkable divergence, ” wrote Glassnode.
“It makes a compelling case that the market is likely to remain in a quiet period of accumulation punctuated by low activity, large foreign exchange flows, and very modest strategic spending on the part of the holders. Keep the experience.”

Source: decrypt.co

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