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Bitcoin falls below $ 30K, but on-chain data suggests hoarding is brewing

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Despite Bitcoin plummeting below $ 30,000 for the first time in a month, metrics on the chain suggest that whales may be amassing BTC steadily.

According to the Glassnode July 19 “On-Chain Week” report, Bitcoin stocks from centralized exchanges have continued to evaporate despite the recently sustained bearish momentum, averaging 36,000 Bitcoin (worth approximately $ 1 billion ) being withdrawn from monthly exchanges.

Glassnode infers that reduced Bitcoin reserves on exchanges indicate that large investors are moving BTC to secure storage, rather than leaving their coins on exchanges in preparation for sale.

Bitcoin’s net position change on exchanges: Glassnode

Glassnode also identified a recent spike in the number of entities hoarding Bitcoin since May, rising from roughly 250,000 to nearly 300,000 today. Glassnode describes “an entity” as a single chain group of associated addresses.

The chain analytics provider noted that the number of “sending entities” (unique address groups associated with the sale) dropped by roughly a third from 150,000 to 100,000, while “receiving entities” (addresses linked to the accumulation or tenure) have increased. by about 20% from 190,000 to 250,000 during the same period.

Bitcoin changes in chain entities: Glassnode

Despite emphasizing signals suggesting accumulation, Glassnode noted strongly divided market sentiment, predicting that extreme volatility may be imminent for markets:

“We have an extremely divided market and one with likely expanding volatility just around the corner.”

Related: Traders are withdrawing 2,000 BTC from centralized exchanges daily

He added that miners are now also in accumulation mode despite the expenses incurred in the great migration in the wake of China’s mining crackdown. The miner’s net position change metric indicates that more than 3300 BTC per month is currently accumulating.

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