270,000 Bitcoin Moved to Hodl Wallets

270000 bitcoin moved wallet jan 2021 768x362

Around 270,000 bitcoin, worth about $8.5 billion, has been moved from exchanges to individual’s wallets according to data analytics startup Glassnode. “Not only are funds being withdrawn from exchanges, but coins are continuously moving to strong hands,” they say. “In the past 30 days, around 270,000 BTC moved to entities considered HODLers.” In the above chart, green suggests funds are moving to exchanges while red indicates they are moving out. In 2019 for example, we can see a lot more were being sent to exchanges than withdrawn. In late 2020 and for much of this year however that has changed and at an accelerating speed for January. That suggests there’s less supply taking part in price setting as people hold, but this might not necessarily be instantly reflected on the price as the effects of supply and demand tend to take some time. That’s especially because of Over the Counter…

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