Bitcoin Gets Out From Exchanges As BTC Approaches Halving Date

It has been just revealed that Bitcoin is getting our from exchanges just ahead of the halving dat for the king coin. Check out the latest reports about this below.

According to analytics firm Glassnode, there has been a significant increase in the number of long-term investors accumulating Bitcoin (BTC) as the crypto approaches its halving event.

The report notes that a consistent amount of BTC is being withdrawn from exchanges, suggesting that HODLers, or entities that tend to hold onto their assets instead of selling them, are actively accumulating Bitcoin.

“The undercurrent of BTC supply continues to flow out of exchanges, miners and whale wallets, and towards HODLer entities of all sizes at a healthy rate.”

The company reported that previous Bitcoin bull markets were also preceded by comparable accumulation phases. Additionally, Glassnode’s data indicates that Bitcoin’s illiquid supply has now hit a record high.

This term refers to the quantity of BTC held by entities that have historically held onto at least 75% of their coins.

“This observation is further supported by the divergence between exchange balances, and the volume of coins held in illiquid wallets, being those with little to no history of spending. Illiquid supply reached a new ATH of 15.2M BTC this week, whilst exchange balances have fallen to the lowest levels since Jan 2018 at 2.3M BTC.”

A trader and analyst named Dave the Wave, who accurately predicted the May 2021 crypto market crash, advises against being overly cautious with Bitcoin (BTC) at this time.

He believes that excessive caution during low price periods is more driven by sentiment rather than a well-informed decision based on market charts. This message is directed towards his 138,500 Twitter followers.

“Reminder: best to be cautious at the top… and less so at the bottom…

To be too cautious at the bottom would be counter-productive…. and you’d think counter-intuitive. An over-cautious narrative would just be a play on sentiment…. just as the over-optimistic narrative was at the top.”