The accumulation of cryptocurrency continues, as evidenced by the data from the Santiment team.
Moreover, large and medium investors accumulate not only bitcoin (BTC), but also ether (ETH). The dominance of the trend for long-term storage of coins is evidenced by the information on the withdrawal of BTC and ETH from cryptocurrency exchanges.
An analyst report from Santiment notes that trading floors currently have the lowest volume of bitcoins since June 2019.
The BTC exchange balance is holding at a 26-month low, which is a positive signal for the market.
Cryptocurrency holders are confident in the good prospects for bitcoin. This is why they refuse to sell cryptocurrency. Thus, the pressure on the market is reduced, and the risks of a new correction are minimized, the researchers emphasized.
According to Glassnode, the number of large transactions in the amount of more than $ 1 million has increased significantly in the bitcoin network over the past year. Since last fall, the share of such transactions on the blockchain has reached 65% of the total volume of transactions.
Analysts concluded that we are seeing a gradual institutional adoption of the cryptocurrency. This process will be long, but it is already underway. The share of transactions for amounts less than $ 1 million, on the contrary, since September, fell to 30%.
The value of bitcoin has risen by more than 17% over the past seven days. On Wednesday, August 11, BTC is holding around $ 45,700. Ethereum is trading slightly above $ 3175 today.
