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The amount of Bitcoin transferred from long-term holders to exchanges reflects the change in market sentiment. In 2024, except for the variant rise in July and August and the price decline, the index remained low. This indicates that long-term holders may have taken profits or reorganized their portfolios.
The overall pattern shows minimal upticks, suggesting that variants remain reluctant to move assets despite price volatility.
The amount of Bitcoin transferred to exchanges by long-term holders. Source: Glassnode
Looking back at historical peaks in remittance volumes, especially in 2017 and 2021, we can see that they coincide with Bitcoin price peaks. This suggests that long-term holders contribute to higher market liquidity during bullish periods.
In contrast, remittance activity remains low in 2024, suggesting that long-term confidence remains even as prices adjust.
The amount of Bitcoin transferred to exchanges by long-term holders. Source: Glassnode
Since hitting an all-time high in March 2024, the value of Bitcoin (BTC) has been declining, failing to maintain consistent growth, dimming investors’ expectations of a strong bull run following the halving event. However, one cryptocurrency analyst has offered hope, encouraging investors to remain confident amid the market decline as Bitcoin could see a positive recovery in the coming months.
While remittances have trended upward during the rally in previous years, holders have become more cautious in 2024. This behavior may indicate expectations of future price growth, with many choosing to hold positions rather than divest during short-term volatility.
