TL; DR Breakdown
- Glassnode report claims only 12.9% of the Bitcoin in circulation are on exchanges
- Traders are hoping that Bitcoin will continue to rise in value
- Glassnode reports that a cluster of wallets are entering the market
Bitcoin has been making considerable strides in the crypto market in the last few months, increasing massively in value. Although Bitcoin is the first and most successful digital asset, the digital asset is showing no signs of giving up. But despite the massive rise in the price of the digital assets, more traders are moving swiftly to cop up the Bitcoin in circulation. As per a recent Glassnode report, the total number of Bitcoin in exchanges has reduced drastically. According to a statement, most of the investors in the market are taking their assets off the market for their safekeeping.
Glassnode report expects rise in Bitcoin value
The report claims that Bitcoin on exchanges is now worth close to $163 billion in accumulative value. The reduction in Bitcoin on exchanges started to reduce after the asset embarked on a bullish run that began in the early period of August. Before then, the price of the digital asset had already touched close to the ground after a series of bearish runs.
In the Glassnode report, the firm mentioned that traders moving their assets off exchanges means not being prepared to sell them. This is because most of them still feel it is valuable and would continue to see a massive price increase. However, the research team of Glassnode says it does not feel that is right. The Glassnode report claims that traders have made a cumulative average withdrawal of 5,000 Bitcoin daily.
The report claims that even though Bitcoin is trading close to its all-time high, its on-chain metric shows that it is trading slightly above the bear market. This says that most traders are choosing not to sell due to the high price of the asset.
New wallets entering the market
The Glassnode report notes that investors choose to hold their Bitcoin, hoping that the digital asset will keep trading upward. Meanwhile, Glassnode reports that activities of new wallets have doubled up in the last few months. The report states that as of November 9, when the previous data was taken, more than 500,000 new addresses were involved in different transactions.
Comparing that metric to August shows a rapid increase of 72% in new wallets making transactions. In the data taken today, about 900,000 new wallets carried out sent and received Bitcoin. However, the data does not support the claim of new addresses entering the crypto sector. The Glassnode report also mentioned that a cluster of new wallets interested in earning profits with their Bitcoin had been created.