Crypto investors are nonetheless withdrawing Bitcoin from exchanges, albeit not necessarily to sell it. The quantity of Bitcoin kept off-exchange has reached an all-time high, indicating long-term trust in the asset.
The massive Binance crypto migration has halted, but Bitcoin continues to leave controlled exchanges. On December 13, more than $5 billion departed Binance as investors were concerned about the company’s capacity to resist a run.
According to BeInCrypto, the world’s biggest crypto exchange by volume withstood the hurricane. Coins, however, continue to depart Binance and other exchanges. According to Glassnode, about $1.4 billion in Bitcoin has left exchanges in the last 24 hours.
Despite this, the net outflow of Bitcoin from exchanges has dropped to $641 million.
Aside from the terrifying ban-run scenario, Bitcoin leaving exchanges is largely seen as positive. It frequently arises when investors want to keep the item rather than sell it (which is when there are large inflows).
According to analytics vendor Glassnode, this looks to be precisely what is occurring right now. The business said in its weekly on-chain analysis that long-term holder supply had hit an all-time high of 13.9 million BTC. It went on to say of this year’s realized losses, “Despite these extraordinarily high losses, the age of the currency supply, and inclination for HODLing by those who remain, continues to climb.”
Long-term Bitcoin ownership equal to around 72.3% of the circulating supply.
The buildup started in late July and continued until FTX crashed in early November. Glassnode saw longer durations of currency re-distribution and re-accumulation after each market leg down in 2022.
A large amount of BTC was purchased between $18,000 and $24,000, and this supply is now aging into a long-term bracket that has been kept for more than six months.
Leverage has been flushed out, and the weak hands have sold their shares. Only those who believe in a longer-term recovery have stayed and are continuing to accumulate the asset at present prices.
Bitcoin continues to consolidate, as it has since the FTX catastrophe. However, after a 3.5% rise on the day, it has achieved its highest price in little over a month.
As a consequence, at the time of publication, BTC was trading at $17,781 and had recovered 13.5% from the bear cycle bottom on Nov. 22.
However, the bears have not yet left the woods. Bitcoin is still down 74.3% from its all-time high, but investors are already stockpiling.
