According to data provided by Glassnode, the number of bitcoins on exchanges has been constantly falling since May and recently plunged to 2.2 million coins, marking a five-year low.
The BTC balance on exchanges is currently worth $69 billion. The movement shows that investors are transitioning their assets to non-custodial wallets, addressing long-term investments.
Moreover, according to Glassnode, the bitcoin balance on exchanges was at one of its highest points, around 3.2 million coins, in early 2020, when BTC was trading at $5,380.
Bitcoin is up by 0.6% in the past 24 hours and trading at $30,700 at the time of writing. However, the asset’s 24-hour trading volume is down by more than 20%, standing at $11.8 billion with a total market capitalization of $596.8 billion — dominating 50% of the global crypto market value.
BTC price – July 12 | Source: Trading View
The digital gold has been consolidating between the $30,000 and $31,000 mark over the past three weeks after witnessing significant pressure in June.
Moreover, the accumulation phase comes as the number of new Bitcoin addresses hit a three-month high of 20,360.
This article was originally published on Crypto.news
Source: Cryptocurrency - investing.com
