On-chain metrics reveal that Bitcoin balance on cryptocurrency exchanges continued its macro decline. The figures have reached 2.4 million BTC, which is around 12.6% of the circulating supply.
to Glassnode, Bitcoin exchange balances witnessed a macro outflow of more than 4.6% of the circulating supply after reaching an all-time high on March 2020.This is a healthy sign of Bitcoin’s long-term performance and underscores a strong demand at lower price levels.As the crypto winter deepens, some investors offloaded their wallets.Instead, they are storing their coins offline in crypto wallets.
The further decline comes in the wake of Bitcoin performing an impressive rally, increasing by over 15% over the past few days. At the time of this writing, the cryptocurrency trades at around $23,600.that the holders of the world’s largest cryptocurrency were in an accumulation mode that subsequently did result in a short-term relief rally.
I got confused rn 🫤hahaha
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