According to data from blockchain analytics platform Glassnode, only 12% of Bitcoin’s circulating supply on crypto-asset trading platforms. There are 9 of them.
As the Bitcoin price rises, investors continue to withdraw their Bitcoin balances from crypto-asset platforms. 12% of Bitcoin’s circulating supply, according to recent Glassnode data. 9 of them are on crypto-asset trading platforms. This equates to roughly $163 billion. The trend started in August, when Bitcoin started to gain some momentum after the sharp decline.
As is known, the decrease in the amount of Bitcoin held on platforms is considered a positive indicator. This can be interpreted as investors have high expectations from the asset and do not intend to sell it anytime soon. On the other hand, if investors start to move their assets to the platforms, this is interpreted as they find the price high and are ready to sell. However, it is worth remembering that many factors are effective.
According to data from Glassnode, daily net withdrawals from platforms reached an average of 5,000 BTC. He also noted that despite the price hovering around ATH, on-chain activity remains significantly above bearish levels. In other words, this means that Bitcoin’s new record-breaking failed to induce investors to sell. Many investors are content to hold their Bitcoins, which is seen as a signal that the price will continue to rise.