As the price of Bitcoin fell, there was a lot of selling by investors. This selling trend has contributed to the decline in the value of the digital asset in recent times. However, as the bear run continued, the amount of BTC sold by its owners decreased significantly. The decline in the number of addresses sending their coins to central exchanges speaks volumes about this.
Sellers are starting to cool down.
Last year, the number of bitcoin addresses that sent BTC to central exchanges grew dramatically, presumably to sell their holdings. But in recent weeks, sales prices have started to decline.
according to Glassnode, the number of addresses sending bitcoin to the exchange fell to a new 22-month low on Thursday. The number stands at 4,445.369. But on Friday, another series of failures was recorded. At this time the number of addresses sending BTC to exchanges was 4,443.202.
Bitcoin falls to mid-$18,000s | Source: BTCUSD on TradingView.com
In the year It’s a far cry from the more than 6,000 wallets that will send BTC to centralized exchanges by mid-2022. , the decline coincides with bitcoin’s price decline.
What does this mean for Bitcoin?
Naturally, data like this suggests a growing trend among investors to collect, but not every measure accounts for it. An example is the HODLer net position change recorded by Glassnode on Friday.
Instead of increasing as expected in the stock trend, HODLer net position change continues to decline.. It has now hit a new one-month low of 51,997.708. This suggests that despite weak selling, it is enough to put pressure on the value of the digital asset.
The amount of active Bitcoin supply is always increasing. It has now touched a new one-month high of 718,437.728 BTC. 717,097.427 BTC is slightly higher than last September 11th, it still gives confirmation to continue selling compensations.
Bitcoin price is also falling under selling pressure. The digital asset is currently trading below $19,000 and shows no significant signs of recovery.
Featured image from CNBC, charts from TradingView.com
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