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It seems that the decline in the price of bitcoin and its increased volatility affected the number of investors transferring the asset to the exchanges.
As of December 12, the number of Bitcoin addresses sending BTC to exchanges hit a new 13-month low of 4,197.9 for the 7-day moving average (7-day moving average), according to Glassnode.
📉 #Bitcoin $BTC Number of Addresses Sending to Exchanges (7d MA) just reached a 13-month low of 4,197.905
Previous 13-month low of 4,202.917 was observed on 24 November 2021
View metric:https://t.co/sqthvgFboN pic.twitter.com/Rj0YwSWUIc
— glassnode alerts (@glassnodealerts) December 12, 2021
Moreover, the indicator, which tracks the number of unique addresses that are reported as senders of funds to exchanges, recorded its last 13-month low at 4,202.91 on November 24, 2021.
The number of addresses sending bitcoins to exchanges indicates that investors are choosing to hold the asset in anticipation of a new rally.
Over the past weeks, the number one cryptocurrency has experienced high volatility, falling below the decisive $ 60,000 and $ 50,000 mark. At the time of publication, Bitcoin was trading at $ 48,733, having lost 1.2% in the last 24 hours.
In addition, the strengthening of Bitcoin’s status as a store of value and a hedge against rising inflation should be noted. Investors do not doubt the reliability of the asset and its future rise in price.
As reported by Finbold, on December 9, the number of bitcoins held under the strategy, HODL reached an 11-month high of 7,224,018.804.
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