RATE Group | Number of Bitcoins on Crypto Exchanges Hits 18-Month Low
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Number of Bitcoins on Crypto Exchanges Hits 18-Month Low

27 May Number of Bitcoins on Crypto Exchanges Hits 18-Month Low

Posted at 23:23h in Cryptocurrency News by

The total number of bitcoins held in cryptocurrency exchanges wallets dropped to an 18-month low just above 2.3 million on Monday, according to data estimates from Glassnode. The decline marks an 11% year-to-date reduction in the number of bitcoins held by exchanges.

Meanwhile, over the same period, the amount of ether in exchange wallets increased by more than 7%. Some market participants see this as a sign that more bitcoin investors are increasingly taking direct possession of their cryptocurrency.

“People are accumulating aggressively, and the market participants seem to have a higher time preference these days,” said Avi Felman, head of trading at Stamford, Conn.-based BlockTower Capital. “I think the trend is going to continue.”

A portion of these active and often ideologically motivated bitcoin accumulators are called “holders of last resort,” a label implying they never intend to sell regardless of market movements. 

This type of investor partially…

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