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 <p class="is-style-lead">Bitcoin’s (BTC) 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.</p> 
 <p>The flagship cryptocurrency finally gained <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> 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.</p> 
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  <img decoding="async" width="3840" height="1300" src="https://cdn.thebittimes.com/images/2023/08/24/beb4d8359a472e850a3f34fe9f5f76d1.webp" 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: Santiment 
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 <p>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;</p> 
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 <p>According to market intelligence platform Santiment, the Bitcoin 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.</p> 
 <p>This suggests that small investors rather than whales could have driven the recent upsurge.</p> 
 <p>Moreover, Bitcoin <a rel="noopener noreferrer nofollow" title="supply" href="https://thebittimes.com/tag/supply.html">supply</a> on <a rel="noopener noreferrer nofollow" title="exchanges" href="https://thebittimes.com/tag/exchanges.html">exchanges</a> 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.</p> 
 <p>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.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr"> #Bitcoin $BTC Reserve Risk (7d MA) just reached a 5-month low of 0.000024<br><br>View metric:https://t.co/qNLjuk1sxH pic.twitter.com/booCo8pxvJ</p>— glassnode alerts (@glassnodealerts) August 24, 2023 
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 <p>Per Santiment, the number of addresses holding more than 0.1 BTC reached an all-time high of 4.44 million.&nbsp;</p> 
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Bitcoin goes bullish as supply on exchanges plunges

TheBitTimes

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