Long-term BTC storage trend continues to dominate

by in Cryptocurrency News


Bitcoin (BTC) has been falling in price since the end of last week, but crypto fans still refuse to sell it.

According to the Glassnode platform, the number of wallets with a non-zero BTC balance in the second half of November reached an all-time high of 38.76 million. Researchers recall that the previous record was set in April amid the spring rally in BTC.

In parallel, there is a steady trend towards the withdrawal of cryptocurrency for autonomous storage. CryptoQuant CEO Key-Young Joo said the marketplace now has the lowest amount of bitcoins since mid-2018.

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Moreover, investors are withdrawing not only BTC but also ether (ETH), which reduces the supply of the asset and eases the pressure on the market. In the long term, this trend will drive the value of leading digital currencies upward.

The exchange balance of bitcoin and ether this week fell to 6.1% and 12.4% of the total supply of these cryptocurrencies.