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Bitcoin Holders Retain Assets as Exchange Activity Drops

17.09.2024 10:00 1 min. read Alexander Stefanov
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Bitcoin Holders Retain Assets as Exchange Activity Drops

Bitcoin (BTC) continues to struggle with breaking the $60,000 threshold, but this has not led to a sell-off among holders.

In fact, many are retaining their assets, as evidenced by a drop in exchange activity.

The daily number of Bitcoin addresses sending funds to exchanges has recently reached a multi-year low. This decline aligns with market expectations surrounding the Federal Reserve’s decision on September 18.

 

On-chain data reveals a decrease in Exchange Depositing Addresses, a metric tracking Bitcoin inflows to exchanges. This figure peaked for the year on March 5 and has been declining since.

In the past week alone, deposits to exchanges have fallen by 19%. A drop in this metric typically indicates that investors are holding their Bitcoin rather than selling.

This reduced exchange activity comes amid speculation about a potential 50% chance of a 0.5% rate cut by the Federal Reserve. The easing of Bitcoin’s selling pressure suggests investors might be anticipating a more favorable market. This sentiment is also reflected in Bitcoin’s funding rate, which turned positive recently after a week of negative values.

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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