Bitcoin

Read

Long-term Bitcoin (BTC) holders are accumulating more coins, reading from the decreasing balances on top exchanges. 
On Aug. 31, data from Glassnode, a blockchain analysis firm, reveals that the amount of “HODLed” or lost coins was at a five-year peak at 7.841 million BTC, or $213 billion. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 📈 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> Amount of HODLed or Lost Coins just reached a 5-year high of 7,840,723.861 BTC View metric:<a href="https://t.co/dJK8rxBVD3" target="_blank" rel="noopener noreferrer nofollow">https://t.co/dJK8rxBVD3</a> <a href="https://t.co/8Ga8nVvK7m" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/8Ga8nVvK7m</a>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1697115838589911415?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 31, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
The count of HODLed or lost coins involves tracking Bitcoin balances that have remained untouched for an extended period. This calculation involves subtracting the “liveliness” from one and then multiplying the result by the current circulating supply of Bitcoin. 
The metric takes into account coins held long-term and those stored in older addresses, accumulated during times when Bitcoin was relatively cheaper. Over time, the disregard for private keys has led to these funds becoming inaccessible. 
 You might also like: <a href="https://crypto.news/grayscales-bitcoin-etf-optimism-bolsters-crypto-market-sentiment/" rel="noopener noreferrer nofollow"> Grayscale’s Bitcoin ETF optimism bolsters crypto market sentiment </a> 
Bitcoin’s liveliness refers to the proportion of total coin days destroyed to the sum of all coin days ever created. This value increases when long-term holders sell their Bitcoin, and vice versa. The concept of coin days destroyed refers to the product of the number of coins and days since they were last moved. 
Additional data from Glassnode on the same day reveals that Bitcoin held on exchanges was at a five-year low at 2.26 million BTC, or around $61.28 billion. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 📉 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a> Balance on Exchanges just reached a 5-year low of 2,256,360.667 BTC Previous 5-year low of 2,256,486.245 BTC was observed on 30 August 2023 View metric:<a href="https://t.co/9vOOAmwh32" target="_blank" rel="noopener noreferrer nofollow">https://t.co/9vOOAmwh32</a> <a href="https://t.co/BwPNIoFSfI" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/BwPNIoFSfI</a>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1697130921390969046?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 31, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
Recent regulatory pressure on Binance, the world’s largest crypto exchange, might be a reason behind the outflow. Increased scrutiny has sparked worries about the exchange’s adherence to securities rules and its capability to handle global financial regulations. 
A major concern stems from the US Securities and Exchange Commission (SEC). The regulator is accusing Binance of potential legal breaches. This has underscored the necessity for Binance to tackle these allegations to uphold its standing in usually competitive crypto sphere. 
 You might also like: <a href="https://crypto.news/binance-under-fire-as-co-founder-yi-he-defends-company/" rel="noopener noreferrer nofollow"> Binance under fire as co-founder Yi He defends company </a> 
Yi He, a major stakeholder in Binance, has been vocal about the company’s stance. In a series of interviews, she argued that Binance is not the <a href="https://crypto.news/binance-under-fire-as-co-founder-yi-he-defends-company/" rel="noopener noreferrer nofollow">antagonist</a> it’s portrayed. She acknowledged the importance of regulation for investor protection and expressed respect for regulatory institutions, indicating a potential common ground between Binance and the authorities. 
Binance and multiple other crypto exchanges, including Coinbase, are being scrutinized for potential breaches of securities regulations. 
Binance has operated largely unregulated since launching, providing a range of crypto services to its global clientele. However, since the FTX collapse in November 2022, regulators have become more vigilant, concentrating on the risks and compliance matters associated with crypto operations. 
Consequently, the exchange has been accused in various countries, including the US, UK, Japan, Germany, and Thailand, for being non-compliant. 
In reaction, Binance has acted to tackle compliance worries. They’ve strengthened their legal team by adding former compliance experts and simultaneously suspended certain offerings. 
 Read more: <a href="https://crypto.news/binance-ordered-by-belgian-regulator-to-suspend-crypto-services/" rel="noopener noreferrer nofollow"> Binance ordered by Belgian regulator to suspend crypto services </a>

Bitcoin accumulation continues, exchange holdings hit 5-year low

crypto.news

Other articles published on Aug 31, 2023

Cryptokang's MOGGATHON: The Ultimate September LiveStreaming Trading Challenge

SEC is Ambiguous of Bitcoin ETF Approval; Is the Market Ready?

Arkham IDs Robinhood as 5th-largest ETH holder

Disney Stock Price Prediction: Will DIS Break Below $80?

Gemini and Two Other Creditor Groups Object to Genesis' Bankruptcy Resolution Proposal

US SEC has delayed its decision on WisdomTree Bitcoin ETF

Join our free newsletter for daily crypto updates!