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Bitcoin Long-Term Holder Position Flips Green, While ETH Is Outflowing from Exchanges, Here's What It Means

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Thu, 05/06/2021 - 13:19
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Yuri Molchan
Glassnode cofounders have tweeted that long-term holders have been accumulating Bitcoin en masse after dumping it at October peaks, and confidence in ETH remains high
Bitcoin Long-Term Holder Position Flips Green, While ETH Is Outflowing from Exchanges, Here's What It Means
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Long-term Bitcoin holders are accumulating Bitcoin again, Glassnode founders Jan Happel and Jann Allemann have tweeted, sharing a chart showing financial institutions grabbing Bitcoin for long-term keeping.

Another tweet from Glassnode shows that ETH transfer volume to/from crypto exchanges is showing a sharp decline.

Long-term holders start accumulating Bitcoin

A chart shared on the Twitter profile of the Glassnode cofounders shows that the Bitcoin Long-Term Holder Position Change has turned green for the first time since October and has been going green since early April.

Long-term Bitcoin holders are mostly whales and financial institutions who have been actively accumulating the world's flagship digital currency as of late, making the demand for it stronger and the price higher.

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Image via Twitter

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Confidence in Ethereum remains high

Happel and Allemann have also posted a tweet about Ethereum. The chart in the tweet demonstrates that investors are still highly confident about the second-largest cryptocurrency since the outflow of ETH from crypto exchanges is high enough.

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Image via Twitter
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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.