The report of the company Santiment says about the increased outflow of bitcoins from exchange wallets.
The trend for offline storage of cryptocurrencies has been dominating since the end of 2022. By mid-June of this year, the number of BTC on trading platforms fell to the lowest level since February 2018.
Last week, the volume of cryptocurrencies on exchanges updated a minimum. Now it is only 5.74% of the total supply of bitcoin, analysts at Santiment emphasized.
According to their data, over the past seven days, investors who purchased BTC in 2021 and 2022 have started selling. The network has significantly increased the number of unprofitable transactions for the sale of cryptocurrency.
Santiment also points to another surge in the activity of large addresses controlling from 1,000 to 10,000 coins.
Whales have been buying for the last 11 weeks. During this time, they managed to purchase 131,600 BTC, according to the company’s report.
Whale reserves reached a seven-month high, experts said. Since April 9, the price of bitcoin has fallen by almost 10%, which was taken advantage of by large investors.
On average, such addresses have been buying about 1,000 BTC daily since mid-spring.