- Notably, crypto assets are moving from less experienced, to long-term holders.
- The top 10,000 individual Bitcoin investors own one-third of all bitcoin in circulation.
- Exchange deposits have now fallen to levels last seen 2.5 years ago.
Long-term holders are seasoned market players who have witnessed many market stages. Over 75% of the total amount of Bitcoin in existence is held by long-term investors, according to Cryptoquant. The market hasn’t seen these percentages since October 2015.
Coins are moving from younger, less experienced market players to long-term holders as Bitcoin enters the bear market period.
One of Bitcoin’s basic characteristics hasn’t altered despite its rising popularity. Only a few people still own a majority of its ownership. Approximately one-third of the bitcoin in use is held by the top 10,000 individual Bitcoin investors, according to a National Bureau of Economic Research research.
Since Bitcoin’s inception, admirers of the cryptocurrency have wondered who the top Bitcoin holders are. However, many of the biggest addresses frequently reflect exchanges and other organizations that hold Bitcoin on behalf of other investors rather than a specific individual. It can be particularly challenging to identify ownership concentration.
Notably, a sell-off has been occurring in a market that is generally healthy and has avoided making any substantial swings up or down this year, being range-bound. This is preventing a capitulation event, which frequently occurs at the end of a bear cycle.
The brittle $19,000 support has held the price of bitcoin steady for months, but trade volume appears to be increasing. This is unexpected given that the cryptocurrency market’s low volatility discourages substantial bets from investors.
On-chain data is still there in the background of this monotony. It implies that the rate at which BTC tokens are disappearing from exchanges is at an all-time high.
Due to the possibility of major participants purchasing each drop, exchange deposits have now fallen to levels last seen 2.5 years ago. If this pattern continues, it may cause a shock in the supply of Bitcoin, which might serve as the impetus for a positive turn in the cryptocurrency market.
Recommended News :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.