Chart provided by data aggregator Glassnode shows that long-term holders are actively accumulating Bitcoin and are sending it to cold storage vaults.
While the flagship cryptocurrency is consolidating, Bitcoin believers and recently converted ones are buying the dip.
“Long-term hodlers grabbing Bitcoin as it’s consolidating around $55,000”
Twitter user Dylan-BTCization has shared a Glassnode chart which demonstrates that the Long-Term Holder Net Position Change indicator has turned green after a long period of staying in the red.
Now, that Bitcoin is trading sideways in a consolidation near $55,000 after dropping from the $58,000 area, financial institutions and other long-term hodlers are buying BTC on the dip to sit tight on their digital gold.
Bitcoin miners’ outflow hits a half-year low
Another chart from the Glassnode analytics team indicates that Bitcoin miners are not so eager to part with their BTC and are accumulating it instead of sending crypto to exchanges to sell.
The data shows that the BTC Miners’ Outflow Volume (seven-day moving average) has hit a six-month low and at the moment totals 46.301 BTC.
Start mining bitcoin now
Start trading bitcoin now