Bitcoin whales are not selling their cryptocurrencies contributing to more valorization
As we said in a past article, bitcoin is disappearing from exchanges during the cryptocurrency bull market. The cryptocurrency is facing a liquidity crisis as the whales are not moving their digital assets. During the last 6 months, only 36% of Bitcoin’s supply was moved.
According to the data from Santiment, Bitcoin whales have been mostly accumulating Bitcoin as over 35,000 BTC has left exchanges in the past 30 days. The latest outflows have also pushed down exchanges’ BTC reserves to the lowest levels since early March before BTC hit new all-time highs above $60,000.
Among the reasons that can justify the phenomenon, is the increased market interest in bitcoin. The price of the currency has surpassed $60,000, making some investors optimistic about an even more significant price hike.
With information : cointelegraph