According to recent data from Santiment analytics company, investors at the moment are ignoring the seven percent Bitcoin correction and are accumulating Bitcoin to move it off of exchanges.
Bitcoin has plunged from the $58,000 zone to $53,765 on Monday and, by now, has made a slight recovery to the $55,222 level on U.S.-based Kraken exchange.
Investors still prefer to hodl, despite the correction
Chinese crypto journalist Colin Wu has analyzed data provided by CryptoQuant data provider and shared that, despite the current Bitcoin correction that has been going on since March 14, retail investors and financial institutions are still hodling their Bitcoin instead of selling it.
Still, Bitcoin trading has not stopped completely, he adds, but 93 percent of it has been taking place through OTC (over-the-counter) exchanges rather than centralized ones; the Fund Flow Ration across exchanges has been only seven percent.
Data from Santiment adds that its team has witnessed the largest Bitcoin outflow from crypto exchanges over the past six weeks.
Alex Dovbnya
Denys Serhiichuk
Arman Shirinyan