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Cryptocurrency News Articles
Retail Accumulation and Exchange Outflows Drive Market Optimism for Bitcoin
Sep 25, 2024 at 09:17 pm
Smaller bitcoin investors and reduced liquidity signal potential for continued price growth
Bitcoin price signals suggest optimism with retail accumulation, exchange outflows
Smaller investors, reduced liquidity hint at potential for continued price growth
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The past 30 days have seen a substantial net accumulation of bitcoin (BTC) to the tune of 88,000 BTC, a significant period of accumulation that has spanned much of September. This sustained accumulation is noteworthy, considering that it is nearly seven times the monthly bitcoin issuance, which currently stands at 13,500 BTC. Such a rapid rate of accumulation was last observed during Q4 2023, a period that witnessed a rapid surge in bitcoin's price.
A closer examination of this net accumulation reveals that retail investors, particularly smaller holders, are driving this trend. Investors holding less than 10 BTC, often referred to as “crabs” (owning less than 10 BTC) and “shrimps” (owning less than 1 BTC), have collectively amassed 35,000 BTC over the past 30 days. This trend of retail accumulation has been unfolding since May, highlighting the growing confidence and participation of smaller investors in the market.
Another factor contributing to bitcoin's price strength is the significant outflow of bitcoin from exchanges, with roughly 40,000 BTC exiting exchanges in the past 30 days, indicating reduced liquidity. When bitcoin is withdrawn from exchanges, it could suggest that holders are打算 to keep it off the market, reducing selling pressure and creating a bullish environment for future price increases as 74% of the circulating supply is considered illiquid.
This combination of retail accumulation and exchange outflows suggests that bitcoin's current momentum could continue to strengthen in the coming months.
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