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🕊 Despite Bitcoin crashing below $30,000 for the first time in one month, on-chain metrics suggest whales may be steadily accumulating BTC.
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According to Glassnode’s July 19 “The Week On-Chain” report, the Bitcoin reserves of centralized exchanges have continued to evaporate despite the recently sustained bearish momentum, with an average of 36,000 Bitcoin (worth roughly $1 billion) being withdrawn from exchanges monthly.
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Glassnode infers the shrinking Bitcoin reserves on exchanges as indicating large investors moving BTC into secure storage, rather than leaving their coins on exchanges in preparation for selling.
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Glassnode also identified a recent increase in the number of entities hodling Bitcoin since May, increasing from roughly 250,000 to nearly 300,000 today. Glassnode describes “an entity” as a unique on-chain cluster of associated addresses.
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| Day | Followers | Gain | % Gain |
|---|---|---|---|
| September 06, 2023 | 60 | +4 | +7.2% |
| October 02, 2022 | 56 | +1 | +1.9% |
| August 11, 2022 | 55 | +3 | +5.8% |
| July 05, 2022 | 52 | +4 | +8.4% |
| May 29, 2022 | 48 | +4 | +9.1% |
| April 21, 2022 | 44 | +1 | +2.4% |
| March 13, 2022 | 43 | -117 | -73.2% |
| January 15, 2022 | 160 | +6 | +3.9% |
| December 08, 2021 | 154 | +6 | +4.1% |