Business News Asia
Since August, the amount of bitcoin on crypto exchanges has declined, with no signs that this will stop. This shows investor confidence in the future of digital assets.
Glassnode provides information on trading demand on central exchanges and found that trading demand continued to decline in the fourth quarter of 2021.
At the same time, daily withdrawals are on the rise as investors withdraw their holdings from the exchanges to keep them in a safe and private place. Daily withdrawals reached 5k BTC, an amount even higher than the previous week.
This indicates that the market is in the catch-up phase. In this phase, investors will buy as many assets as possible and wait for prices to rise, rather than selling all assets and waiting for a bear market. Investors sell BTC to make only strategic profits.
Bitcoin volume on crypto exchanges is a good indicator of investor sentiment on the market. This shows that investors are not yet ready to sell and means that they believe that the value of Bitcoin will continue to rise.
There is speculation that the bitcoin price could reach the $100,000 mark.
Long-term holders dominate the market, and new bitcoin wallets are also growing rapidly.
The amount of BTC sent to the new wallets was 516,914, which is still 72% of these new wallets over three months.
Market sentiment continues to reach the extreme greed range, signaling buying pressure in the market that is expected to continue through December.