Less and fewer bitcoins on crypto exchanges! What does this mean for BTC now?

The falling price of Bitcoin has led to numerous sales by investors. This selling trend has helped the price of digital assets to decline recently. However, as the bear market continues, the amount of BTC being sold by holders has decreased significantly. The drop in the number of addresses sending their coins to crypto exchanges speaks volumes about this.

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Bitcoin: sales are falling

Over the past year, the number of Bitcoin addresses sending BTC to centralized exchanges has increased dramatically, probably to sell their assets. However, in recent weeks, the number has decreased as the sales have declined.

According to Glassnode, the number of addresses sending bitcoins to exchanges fell to a 22-month low on Thursday. Previously, this figure was 4,445,369. However, on Friday, another drop was recorded in a row. This time, the number of addresses sending BTC on the exchange was 4,443,202.

This is a far cry from the over 6000 wallets that were sending BTC to centralized exchanges in mid-2022. While the increase in the number of wallets sending BTC to exchanges was associated with a price decline in the second quarter of 2022, the situation is now the other way around: the drop coincides with a decline in the price of bitcoin. Interestingly, these fluctuations did not affect the popularity of using cryptocurrency in online casinos: find out more at https://bitcoincasinos21.com/.

What this means for Bitcoin

Of course, such data indicates an upward trend in hoarding among investors. But: Not every key figure indicates this. An example is a change in the net position of HODLers recorded by Glassnode on Friday.

Instead of rising as would be expected in an accumulation trend, the net position change of HODLers continues to fall. It has now reached a new monthly low of 51,997,708.

This suggests that while there may be sell-off fatigue, it is enough to put pressure on the price of the digital asset.

The volume of active supply of bitcoin is constantly growing. It has now reached a new monthly high of 718,437,728 BTC. This represents a slight increase compared to the previous peak on September 11 (717,097,427 BTC). This confirms the fact that the sell-off continues. 

The Bitcoin exchange rate is also suffering from selling pressure. The digital asset is currently trading below $19,000 and there are no signs of a significant recovery.

We interviewed Hatu Shik, Marketing Director of DAO Maker to tell you more about the democratization of venture capital.

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