Amid the Bitcoin’s recent rally, the investors have been largely positive about the asset. The investors have shown their resilience and trust in the asset despite the various hostilities that have surfaced in the past months.
Similarly, in a recent set of data analysed by Todayq News from Glassnode, an on-chain analytics firm, a similar trail can be highlighted. According to data, three primary metrics have shown positive results for the asset.
Starting with the Bitcoin balance on exchanges, the metric has reportedly reached 5-year low values. Putting figures, it can be said that currently the balance stands at 2,280,636.886 Bitcoins.
The balance on the exchanges has been on a consistent decline and shows the increasing accumulation of the asset by the investors. Glsssnode adds that the previously, the lowest value was recorded in the last week of July, post which it pushed further down.
It is worth noting that the declining balance on the exchanges resonates with the increasing accumulation of the asset the investors. Reportedly, currently, the number of non-zero addresses have reached an all-time high of 47,961,738.
Sources reveal that the previous all time high was observed around the start of the month when the figures stood at 47,948,569. This shows that the investors have increased their holding in folds within 10 days.
It is important to note that both the increasing accumulation and the declining balance on exchanges stand as bullish metrics highlighting investors’ positive approach. For the decreasing balance, 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.
Additionally, amid these times, the miners’ balance have also recorded significantly high figures. Currently, the balance have reach a 1-month high of 1,829,644.680.
Now, as some major indicators yield good results for Bitcoin, the investors’ confidence in the assets can be felt. This adds to the fact that while new and small investors have been increasingly accumulating the asset, the long term experienced holders have been also resilient.
Notably, the current values align with the recent historic low volatility achieved by Bitcoin. This shows us that the asset has been surprising the market with several results. As of writing, Bitcoin is trading at $29,399.40, about a 1.24% increase over the past 5 days.