Seasoned crypto investors are quietly amassing Bitcoin, withdrawing 50,000 coins worth $1.35 billion each month. Meanwhile, the broader crypto market remains notably inactive, resembling previous bear market conditions.
Experienced crypto investors are steadily accumulating Bitcoin (BTC) at a rate of 50,000 coins per month, valued at an impressive $1.35 billion, as reported by blockchain analytics firm Glassnode. This consistent demand comes amidst a conspicuously subdued atmosphere in the broader digital asset market, both on and off exchanges.
Despite Bitcoin’s price fluctuations throughout the year, long-term holders, commonly referred to as “hodlers,” maintain their steadfast approach. Glassnode’s Hodler Net Position Change metric reveals that investors who have held their coins for a minimum of 155 days are steadily withdrawing over 50,000 BTC from exchanges each month. This data underscores the decreasing supply of available coins and the reluctance of experienced investors to engage in transactions under the current market conditions.
Glassnode’s analysis indicates that the market has entered a prolonged period of low and diminishing liquidity, reminiscent of the bear markets seen in 2014-15 and 2018-19, lasting for a total of 535 days. Both the total value of transactions on the blockchain and the influx of new capital into the Bitcoin network have reached multi-year lows. Exchange activity also reflects a general disinterest among investors, with the 30-day average for total exchange volume currently standing at around $1.5 billion, marking a significant 75.5% decrease from its all-time high in May 2021.