Bitcoin stiger: Investorer trækker Bitcoin fra børserne
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Bitcoin Breaks $46,000 Mark
Bitcoin has broken the $46,000 mark and tested it twice in the last 24 hours, the first time since the approval of Spot Bitcoin ETFs by the SEC. This signals a bullish return of most BTC-led cryptocurrencies. Especially Bitcoin investors seem to be gearing up as the next Bitcoin halving approaches and an interesting time for withdrawal from exchanges is looming.
Investors Preparing for Bitcoin Halving
On-chain data shows that a lot of money has flowed out of exchanges in the last 30 days. As a result, the Bitcoin balance on various exchanges has drastically dropped to the lowest level in six years. A large portion of Bitcoin holders have been holding onto their coins for a long time. According to IntoTheBlock data, about 69% of Bitcoin holders have been holding their coins for over a year.
Decrease in Bitcoin Supply on Exchanges
Data from the on-chain analysis platform Santiment also showed that the supply of Bitcoin on exchanges has recently dropped to 5.3% of the total circulating supply, for the first time since December 2017, indicating that currently 94.7% of the supply is in private custody.
Bitcoin Withdrawals from Exchanges
The massive exodus of BTC from crypto exchanges signals that long-term holders are more comfortable keeping their coins in private custody rather than on exchanges. In the last seven days, total Bitcoin withdrawals from exchanges amounted to $8.64 billion, surpassing the inflow of $8.42 billion by $220 million. Wallets holding more than 1,000 BTC have also accumulated 1.03% of the total circulating supply in the last month.
Positive Outlook for Bitcoin
Withdrawals from exchanges are generally a positive phenomenon for crypto assets, as they reduce the amount of cryptocurrencies available for sale. Less available BTC means less selling pressure and the possibility of the value increasing based on supply and demand.
Current Bitcoin Situation
At the time of writing this article, Bitcoin is trading at $46,250, representing an increase of 4% in the last 24 hours and 7.15% in the last seven days. The cryptocurrency is currently aiming for the $50,000 mark, which it could reach very soon if the accumulation strategy continues.
