Bitcoin addresses sending coins to exchange plummets to new low

It is clear that Bitcoin’s price movement at this moment is presently far away from what investors want as the digital asset is $19k away from its ATH.

Bitcoin addresses are not sending assets to exchanges

A new metric has indicated that the number of addresses transferring Bitcoin to exchanges has also hit a new low in response to the current price performance of the asset.

Usually, when the value of the flagship crypto asset is in the green, wallet addresses sending BTC to crypto exchanges would rise in tandem. But since the value of the asset has been in decline for the best part of the last 30 days, data provided by Glassnode shows that as of Sunday, the number of such addresses sending BTCs to exchanges hit a new 13-month low of 4,197.9 for the seven-day moving average.

Not only that, the data also revealed that the number of unique addresses sending funds to exchanges also plunged to a 13-months low of 4,202.91.

What this metric reveals is that investors are willing to continue holding their digital asset until another rally surfaces that will push the value of the asset to a new high.

Bitcoin in the last quarter of the year

Many Bitcoin investors had hoped that the leading digital asset was finally going to breach the $100k mark set by many crypto analysts after the coin had embarked on a rally that pushed its value to a high of over $68k.

However, what we witnessed instead was the price volatility of the digital asset kicking in and sending it to a new low. According to data from CryptoSlate, the asset has traded for as low as $42k within the last 30 days.

With holders now refusing to send their holdings to exchanges, it means that the fear of volatility is currently influencing their decision to hodl. Data from Glassnode revealed that the amount of BTC being HODL was as high as 7,224,018.804 as recently as December 9.

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