Based on Glassnode research, it’s reported that the number of Bitcoins saved in crypto exchange wallet accounts has hit an 18-month low. This simply means more crypto traders are holding their Bitcoins in their own crypto wallets outside the exchanges.
Analysts speculate that there are more traders who accumulate more Bitcoins as time goes by, and this is perhaps one of the bigger indications that Bitcoin is here to stay in the long run. The trend is very likely to keep going on like this.
While previously, many crypto traders like to just hold their cryptocurrencies in their crypto exchange accounts, now some traders are “accumulating” more Bitcoins within their own wallet apps. Of course, it does not mean everybody is doing the same thing. Some traders might withdraw some of the Bitcoins while they keep some inside their exchange accounts. Either way, it’s a good indication that the long-term crypto traders have faith in Bitcoin’s value appreciation.
It’s believed that Bitcoin has been receiving more attention from the crypto casuals after the start of COVID-19 pandemic, and central bank plans to print more fiat currencies.
Source: Coindesk
