While the increasing prices of Bitcoin have been an ongoing trail benefiting majority investors, certain metrics have driven significant results. In the past weeks, Bitcoin and Ethereum both have an epitome of optimism and hope given their overall performance.
According to recent data from Glassnode, an on-chain analytics firm, the major indicators for Bitcoin have shown positive results. Similarly, the second largest cryptocurrency is also satisfying investors with their recent performance given their declining exchange inflows.
Talking of Bitcoin balance on exchanges, the metric has experienced a significant declining trail and has touched 5-year low values. Currently, the balance on exchanges has been recorded at 2,249,389.489 Bitcoins.
Notably, the declining figures also resonate with the increasing accumulation among investors. In an another set of data analysed by Glassnode, the trend reveals that the investors have been accumulating at a significant speed and the hodlers remain in the region of intense accumulation.
Glassnode says that the investors are accumulating a significant share of asset at a surprising pace. Data suggests that the speed of accumulation has been recorded to continuing to absorb coins at a rate of +27,100 Bitcoins per month.
While Bitcoin has been providing investors relief, Ethereum doesn’t seem to lack either. Even though the exchange balance levels aren’t at their yearly lows, Glassnode’s data suggests that the overall exchange inflow volumes have recorded a declining trail.
According to recent data, the exchange inflow volumes for Ethereum (on a seven day moving average scale) has hit monthly lows. Breaking records from June 20 when the value of inflow volumes was recorded at $12,570,267.28, the new lows have been reached. Reportedly, the current inflow volume has been recorded at $12,144,168.43.
Notably, the decrease in asset’s supply on exchanges is generally seen as a bullish sign for several reasons. One of the key reasons behind it is implied to be there are fewer coins available on exchanges to be sold. This limited availability can create a supply-demand imbalance, potentially driving up the price of assets.
Now, as some major indicators yield good results for Bitcoin and Ethereum, the investors’ confidence in the assets can be felt. The current set of data also validated previous reports by Todayq News where investors’ run to the assets was revealed.
Hence, the major indicators for the two largest cryptocurrencies by market capitalisation signal positive outlook for the current market scenario despite the regulatory hostilities. As of writing, Bitcoin is changing hands at $30,713.20, a 0.28% surge over the past day whereas Ethereum is trading at $1,884.39, about a 0.32% increase over the same period.