TL; DR breakdown
- Golsnood report claims that only 12.9% of bitcoins are in circulation in exchange offices
- Traders hope that Bitcoin will continue to increase in value
- Glassnode reports that a series of wallets are entering the market
Bitcoin has made significant progress in the crypto market over the past few months and its value has increased dramatically. Although Bitcoin is the first and most successful digital asset, there is no sign of surrender. But despite the sharp rise in the price of digital assets, more traders are moving fast to boost bitcoin in circulation. According to a recent Glassnode report, the total number of bitcoins in exchange offices has dropped dramatically. According to a statement, most market investors withdraw their assets from the market to maintain.
The Golsnood report expects the value of bitcoin to increase
The report claims that bitcoin in exchange offices now has a cumulative value of nearly $ 163 billion. Bitcoin declines in exchange offices began to decline after the upward trend in assets began in early August. Earlier, the price of digital assets had approached the ground level after a series of declines.
According to Golsnood, the company noted that traders are withdrawing their assets from exchanges, meaning that they are not ready to sell them. This is because most of them still feel valued and will continue to see massive price increases. However, the Glassnode research team says it does not think it is true. The Glassnode report claims that traders withdraw an average of 5,000 bitcoins a day.
The report claims that although bitcoin trades close to its highest level, its chain metrics show that it trades slightly above the bear market. It says that most traders do not choose to sell because of the high price of the asset.
New wallets enter the market
The Golsnood report notes that bitcoin investors are holding back, hoping that digital assets will continue to trade upwards. Meanwhile, Glassnode reports that the activity of new wallets has doubled in the past few months. As of November 9, when previous data was retrieved, more than 500,000 new addresses were involved in various transactions, the report said.
A comparison of this measure with August shows a rapid 72% increase in new wallet transactions. In the data received today, about 900,000 new wallets have been sent and received bitcoins. However, the data does not support the claim that new addresses entered the crypto section. The Glassnode report also noted that a set of new wallets have been created that are interested in making a profit with their bitcoins.