bitcoin's exchange balance keeps falling, but so does the price. What gives? godbole17 reports in this morning's First Mover Americas.
declined by over 20,000 BTC to 2,449,785 BTC last week, hitting the lowest since August 2018, data provided by blockchain analytics firm Glassnode show. The tally has decreased by 138,266 or 5% this year, indicating HODLing – a crypto slang for buy and hold – remains a preferred strategy in the market.
Investors typically take direct custody of coins when intending to hold them for a long term. A continued decline in BTC available on exchanges means"Underneath the surface, there is a heavy phase of accumulation on-chain," Blockware Solutions' market intelligence newsletter published on Friday said."Exchange outflows have reached a rate that has only ever occurred three times before in bitcoin's history: following March 2020, December 2020 , and September 2021.".
Even so, bitcoin fell to a one-month low of $38,577 during the Asian hours, taking the year-to-date decline to over 15%. The selling pressure likely stemmed from tax issues and macro traders liquidating holdings, tracking a continuedClearly, macro factors are in the driver's seat.
."But one year from now, it's doubtful that the high correlation between rates, equities, and digital assets will be anything besides another footnoted relationship that didn't hold."Bitcoin's three-day chart, where each candle represents price action for three days, shows the cryptocurrency is flirting with the 200-period simple moving average .
Should they succeed this time, more chart-driven selling may be seen. A breakdown would expose support at $30,000. The current three-day candle is set to close at 23:59 UTC on Monday.
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