Bitcoin Sees Largest Depletion of Liquidity as Approx. 270,000 Bitcoins Have Moved to Hodlers: Glassnode

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Thu, 01/21/2021 - 08:54
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Yuri Molchan
Glassnode data says that the Bitcoin market is seeing the biggest drop in liquidity in the past month, while 270,000 BTC have passed from weak hands to stronger ones
Bitcoin Sees Largest Depletion of Liquidity as Approx. 270,000 Bitcoins Have Moved to Hodlers: Glassnode
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According to recent data shared by Glassnode, Bitcoin is seeing the biggest outflow of liquidity over the past few years.

As it is happening, the amount of Bitcoin wallets holding more than 1,000 BTC has reached an all-time high of 2,446.

270,000 BTC has passed on to HODLers

Glassnode has reported that Bitcoin is witnessing the largest liquidity outflow in recent years. As per a chart shared by the company's analysts, over the past month, approximately 270,000 Bitcoins have moved to entities believed to be hodlers, i.e., to be stored in cold wallets for a long period of time without selling.

Funds in Bitcoin keep being moved out of crypto exchanges from weak hands to strong ones, the tweet says.

BTC
Image via Twitter

Related
Guggenheim CIO Has Major Bearish Warning for Bitcoin Holders

Number of wallets with 1,000+ BTC hits ATH

Another tweet from Glassnode spreads the word that the inflow of middle-level Bitcoin investors keeps growing.

According to Glassnode, the number of digital wallets that hold more than a thousand BTC coins has reached a new all-time high and now amounts to 2,446 units.

BTC
Image via Twitter

Bitcoin slumps to $34,200 zone

After reaching an all-time high of $41,941 on Jan. 8 (data provided by CoinMarketCap), Bitcoin has been in decline.

It first dropped to the $33,600 area on Jan. 11 and, after appreciating to the $39,600 level in three days, it has been going down in cascades, now trading at the $34,236 price mark.

BTC
Image via CoinMarketCap
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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.