Bitcoin Taken Off Exchanges Now Will "Never See Daylight Again": PlanB, Preston Pysh
PlanB analyst and the creator of the stock-to-flow model for Bitcoin has taken to Twitter to voice his opinion regarding Bitcoin withdrawn from crypto exchanges by new holders.
The expert has pointed to the striking difference between now and the Bitcoin rally in 2017 in this respect.
Crypto entrepreneur and non-fiction writer Preston Pysh has supported his view.
"Most BTC sold today will never see the daylight again"
According to data from Glassnode, Bitcoin balances on crypto exchanges are quickly diminishing as the price is balancing below $18,000 and above it.
At press time, Bitcoin has depreciated to $17,826 as per CoinMarketCap.
Plan B believes that BTC is being absorbed by farsighted professional investors who plan not to trade it but to hold it in "deep cold storage."
These new BTC owners have a long-term vision and staying power, the analyst points out.
Yuri Molchan"BTC being gained by financial institutions with long term strategies"
Bitcoin expert and writer Preston Pysh agrees with PlanB, adding that Bitcoin is being acquired by financial institutions that have strategic outlooks for at least five years.
Among these institutions is Grayscale Investments.
On Nov. 16, founder of Grayscale Barry Silbert reported that the amount of crypto under the company's management, including Bitcoin, Ethereum and XRP, now totals $10,400,000,000.
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