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Bitcoin’s (<a href="https://crypto.news/price/bitcoin/">BTC</a>) price has been struggling around the $26,000 mark over the past week, but with the recent incline, more investors have shifted to self-custody. 
The flagship cryptocurrency finally gained bullish traction with a 1.5% rise in the past 24 hours — the upward momentum came while the BTC price dropped below the $26,000 mark six times over the past week. 
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 <img decoding="async" loading="lazy" width="3840" height="1300" src="https://crypto.news/app/uploads/2023/08/Bitcoin-BTC-11.41.21-24-Aug-2023.png" alt="BTC whale activity and supply on exchanges - Aug. 24 | Source: Santiment" class="wp-image-14187890">
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 BTC whale activity and supply on exchanges – Aug. 24 | Source: <a href="https://app.santiment.net/charts/btc-whale-activity-supply-on-exchanges-and-number-holders-21371" target="_blank" rel="noopener">Santiment</a>
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Moreover, Bitcoin is trading at $26,460 with a $515 billion market cap at the time of writing. The asset’s 24-hour trading volume also rose by 5.4%, reaching $16.4 billion.&nbsp; 
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According to market intelligence platform Santiment, the <a href="https://crypto.news/bitcoin-is-undervalued-as-price-consolidated-around-26k/">Bitcoin</a> whale activity has slightly declined. The number of whale transactions consisting of at least $100,000 and $1 million worth of BTC dropped from 9,372 and 1,337 to 6,760 and 1,314, respectively. 
This suggests that small investors rather than whales could have driven the recent upsurge. 
Moreover, <a href="https://crypto.news/crypto-market-analysis-why-did-bitcoin-drop/">Bitcoin</a> supply on exchanges plunged to a 58-month low of 1.14 million coins. This was last seen in November 2018, per Santiment. The indicator suggests that investors are moving more Bitcoins to self-custodial wallets. 
According to data provided by Glassnode, Bitcoin’s reserve risk has also dropped to 0.000024, marking a five-month low. When reserve risk goes down, long-term investors rise and accumulate. 
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 📉 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> Reserve Risk (7d MA) just reached a 5-month low of 0.000024 View metric:<a href="https://t.co/qNLjuk1sxH" target="_blank">https://t.co/qNLjuk1sxH</a> <a href="https://t.co/booCo8pxvJ" target="_blank">pic.twitter.com/booCo8pxvJ</a>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1694594202951209383?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 24, 2023</a>
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Per Santiment, the number of addresses holding more than 0.1 BTC reached an all-time high of 4.44 million.&nbsp; 
 Read more: <a href="https://crypto.news/fbi-identifies-six-bitcoin-addresses-controlled-by-north-korean-hackers/"> FBI identifies six Bitcoin addresses controlled by North Korean hackers </a>

Bitcoin goes bullish as supply on exchanges plunges

crypto.news

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