{"id":503396,"date":"2022-09-23T23:00:16","date_gmt":"2022-09-23T23:00:16","guid":{"rendered":"https:\/\/wncen.com\/?p=503396"},"modified":"2024-06-11T14:26:34","modified_gmt":"2024-06-11T14:26:34","slug":"number-of-bitcoin-addresses-sending-btc-to-exchanges-continues-to-drop","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/number-of-bitcoin-addresses-sending-btc-to-exchanges-continues-to-drop\/","title":{"rendered":"Number Of Bitcoin Addresses Sending BTC To Exchanges Continues To Drop"},"content":{"rendered":"<p class=\"p2\">With the decline in the price of bitcoin, there has been a lot of selling from investors. This sell-off trend has contributed to the further decline of the digital asset\u2019s prices in recent times. However, as the bear run continues, there has been a marked reduction in the amount of BTC being sold off by the holders. The decline in the number of addresses that are sending their coins to centralized exchanges speaks volumes about this.<\/p>\n<h2 class=\"p2\">Sellers Beginning To Cool Off<\/h2>\n<p class=\"p2\">Over the last year, the number of bitcoin addresses that had been sending BTC to centralized exchanges, presumably to sell their holdings, had grown incredibly. But had started to decline in recent weeks as the sell-offs had begun to subside.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/fed-interest-rates-hike-spur-crypto-market-liquidations-of-more-than-330-million\/\">Fed Interest Rates Hike Spur Crypto Market Liquidations Of More Than $330 Million<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">According to <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/26621185?s=20&amp;t=KJOXqQweNOn38Rrn2YJ5uw\" rel=\"nofollow\">Glassnode<\/a>, the number of addresses that were sending bitcoin to exchanges had fallen to a new 22-month low on Thursday. The number had sat around 4,445.369. But on Friday, another consecutive decline was recorded. This time around, the number of addresses that were sending BTC to exchanges was 4,443.202.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/ZzYXxU6K\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"3284\" height=\"1760\"><\/p>\n<pre style=\"text-align: center\">Bitcoin falls to mid-$18,000s | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p2\">It is a far cry from the more than 6,000 wallets that were sending BTC to centralized exchanges in the middle of 2022. While the increase in wallets sending BTC to exchanges had correlated with the price decline back in Q2 2022, the opposite is now the case, with the decline coinciding with the drop in the price of bitcoin.<\/p>\n<h2 class=\"p2\">What This Means For Bitcoin<\/h2>\n<p class=\"p2\">Naturally, data like this points to the fact that there is a growing accumulation trend among investors but not every metric point to this. An example is the HODLer net position change that was recorded by Glassnode on Friday.<\/p>\n<p class=\"p2\">Instead of being on the rise as would be expected in an accumulation trend, the <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/15737857?s=20&amp;t=KJOXqQweNOn38Rrn2YJ5uw\" rel=\"nofollow\">HODLer net position change continues to decline<\/a>. It has now reached a new one-month low of 51,997.708. This shows that even if there might be a sell-off fatigue, it is still enough to put pressure on the price of the digital asset.<\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\"><em><strong>Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum\/stabilizing-ethereum-funding-rates-suggests-recovery-might-be-in-the-works\/\">Stabilizing Ethereum Funding Rates Suggests Recovery Might Be In The Works<\/a><\/strong><\/em><\/div>\n<p class=\"p2\">The amount of active bitcoin supply is always on the rise. It has now touched a new one-month high of 718,437.728 BTC. It is up slightly from the previous September 11th high of 717,097.427 BTC, still giving credence to the fact that sell-offs continue.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p2\">Bitcoin\u2019s price is also succumbing under the sell pressure. The digital asset is currently trading under $19,000 and doesn\u2019t show any indicators of a significant recovery.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<pre style=\"text-align: center\">Featured image from CNBC, charts from TradingView.com<\/pre>\n<p><span class=\"s1\"><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\"><b><i>Best Owie on Twitter<\/i><\/b><\/a><b><i> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the decline in the price of bitcoin, there has been a lot of selling from investors. This sell-off trend has contributed to the further decline of the digital asset\u2019s prices in recent times. However, as the bear run continues, there has been a marked reduction in the amount of BTC being sold off by the holders. The decline in the number of addresses that are sending their coins to centralized exchanges speaks volumes about this. Sellers Beginning To Cool Off Over the last year, the number of bitcoin addresses that had been sending BTC to centralized exchanges, presumably to sell their holdings, had grown incredibly. But had started to decline in recent weeks as the sell-offs had begun to subside. Related Reading: Fed Interest Rates Hike Spur Crypto Market Liquidations Of More Than $330 Million According to Glassnode, the number of addresses that were sending bitcoin to exchanges had fallen to a new 22-month low on Thursday. The number had sat around 4,445.369. But on Friday, another consecutive decline was recorded. This time around, the number of addresses that were sending BTC to exchanges was 4,443.202. Bitcoin falls to mid-$18,000s | Source: BTCUSD on TradingView.com It is a far cry from the more than 6,000 wallets that were sending BTC to centralized exchanges in the middle of 2022. While the increase in wallets sending BTC to exchanges had correlated with the price decline back in Q2 2022, the opposite is now the case, with the decline coinciding with the drop in the price of bitcoin. What This Means For Bitcoin Naturally, data like this points to the fact that there is a growing accumulation trend among investors but not every metric point to this. An example is the HODLer net position change that was recorded by Glassnode on Friday. Instead of being on the rise as would be expected in an accumulation trend, the HODLer net position change continues to decline. It has now reached a new one-month low of 51,997.708. This shows that even if there might be a sell-off fatigue, it is still enough to put pressure on the price of the digital asset. Related Reading: Stabilizing Ethereum Funding Rates Suggests Recovery Might Be In The Works The amount of active bitcoin supply is always on the rise. It has now touched a new one-month high of 718,437.728 BTC. It is up slightly from the previous September 11th high of 717,097.427 BTC, still giving credence to the fact that sell-offs continue.\u00a0 Bitcoin\u2019s price is also succumbing under the sell pressure. The digital asset is currently trading under $19,000 and doesn\u2019t show any indicators of a significant recovery.\u00a0 Featured image from CNBC, charts from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":503399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85555,86710,679,1119,1122,1144,78790],"class_list":["post-503396","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-exchange-inflows","tag-bitcoin-hodlers","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Number Of Bitcoin Addresses Sending BTC To Exchanges Continues To Drop<\/title>\n<meta name=\"description\" content=\"With the decline in the price of bitcoin, there has been a lot of selling from investors. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. 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