In a captivating twist in the cryptocurrency world, Bitcoin holders are on a mission to accumulate more BTC. Recent on-chain data revealed that Bitcoin exchange holdings have plunged to yearly lows, while the percentage of inactive Bitcoin supply has surged to unprecedented heights.
Glassnode, a prominent blockchain analytics firm, presented an intriguing insight into the state of Bitcoin holdings. Their Bitcoin supply’s last active chart shows an increasingly dormant Bitcoin ecosystem. For addresses that have not seen any movement for one-, three-, and five-year intervals, an all-time high in inactivity has been recorded since the onset of July 2023.
This compelling data resonates with the findings from CoinMarketCap, a cryptocurrency tracking juggernaut. Their analysis of wallet addresses, categorized by the duration of Bitcoin holding, tells an astonishing story. Approximately 69% of these addresses, equivalent to a staggering 36.8 million, have clung to their Bitcoin investments for over a year.
CryptoQuant, renowned for its insightful cryptocurrency metrics, complements the narrative with its revelation of Bitcoin outflows from exchanges. Incepted in July 2021, this trend has remained consistent, leaving a mere 2 million BTC in the exchange coffers.
The CoinGlass Bitcoin exchange tracker meticulously dissects the circulating Bitcoin supply held by major centralized exchanges. Binance, the foremost among them, boasts an impressive 543,281 BTC. However, Binance has experienced substantial Bitcoin outflows over the past month, with 21,645 BTC making their way out.
Coinbase Pro secures the second spot on the list with a substantial BTC balance of 435,530, but it too has witnessed 3,612 BTC being withdrawn over the past 30 days. A striking anomaly comes from OKX, the sole exchange in the top 10 to record a significant inflow of Bitcoin during the same period, welcoming 4,630 BTC onto its platform.
Industry experts and analysts fervently speculate about the digital currency’s potential value as the Bitcoin ecosystem witnesses this surge in accumulation and dwindling exchange reserves. The anticipation surrounding the impending mining reward halving scheduled for 2024 has only intensified these discussions, leaving the cryptocurrency world excited and curious.
