The recent high buying pressure in the world’s most popular crypto asset by some leading financial brands and many retail investors has given some traders and investors incentives to start hoarding Bitcoins.
Taking a critical look at the number of bitcoins at crypto exchanges via Glassnode analytics, Nairametrics found out that the balance of bitcoin on exchanges just reached a 2 year low, despite Bitcoin’s recent prices relatively gaining significant value since the third halving, meaning a growing number of investors are unwilling to sell their ‘digital gold’ assets.
- Bitcoin Balance on Exchanges just reached a 2-year low of 2,348,226.622 BTC
- The previous 2-year low of 2,349,268.661 BTC was observed on 02 January 2021
READ: Reddit traders push XRP’s market value far past Polkadot
📉 #Bitcoin $BTC Balance on Exchanges just reached a 2-year low of 2,348,226.622 BTC
Previous 2-year low of 2,349,268.661 BTC was observed on 02 January 2021
View metric:https://t.co/9vOOAmwh32 pic.twitter.com/U22yOEc8Jz
— glassnode alerts (@glassnodealerts) January 31, 2021
Metric Description: The total amount of coins held on exchange addresses. Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time.
Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.
READ: XRP rebounds strongly, gains 42% aided by Wallstreetbets
What this means: The world’s most intelligent investors are buying into Bitcoins at record levels for wealth preservation amid an era of significant quantitative easing by global central banks.
Tyler Winklevoss had earlier expressed why the inflationary properties of fiat currencies had led a mass exodus of investors from fiat currencies into the crypto market;
“That’s why so many investors have fled to bitcoin … because it’s unclear how the greenback gets off this track of unprecedented quantitative easing programs from the U.S Federal Reserve and what it’s actually going to be worth in the future if anything at all,” Winklevoss said.