Bitcoin

Read

<div class="cryptonews"><p class="is-style-lead">Long-term Bitcoin (BTC) holders are accumulating more coins, reading from the decreasing balances on top <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/exchange.html">exchange</a>s.</p><p>On Aug. 31, data from Glassnode, a blockchain <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/analysis.html">Analysis</a> firm, reveals that the amount of “HODLed” or lost coins was at a five<a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/year.html">-year</a> peak at 7.841 million BTC, or $213 billion.</p><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"><p>#Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 5-year high of 7,840,723.861 BTC<br><br>View metric:https://t.co/dJK8rxBVD3 pic.twitter.com/8Ga8nVvK7m</p>— glassnode alerts (@glassnodealerts) August 31, 2023 </blockquote></div></figure><p>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.</p><p>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.</p><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> You might also like: </span> Grayscale’s Bitcoin ETF optimism bolsters crypto market sentiment </div><p>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.</p><p>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.</p><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"><p>#Bitcoin $BTC Balance on Exchanges just reached a 5<a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/year.html">-year</a> low of 2,256,360.667 BTC<br><br>Previous 5<a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/year.html">-year</a> low of 2,256,486.245 BTC was observed on 30 August 2023<br><br>View metric:https://t.co/9vOOAmwh32 pic.twitter.com/BwPNIoFSfI</p>— glassnode alerts (@glassnodealerts) August 31, 2023 </blockquote></div></figure><p>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.</p><p>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.</p><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> You might also like: </span> Binance under fire as co-founder Yi He defends company </div><p>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 antagonist 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.</p><p>Binance and multiple other crypto exchanges, including Coinbase, are being scrutinized for potential breaches of securities regulations.</p><p>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.</p><p>Consequently, the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/exchange.html">exchange</a> has been accused in various countries, including the US, UK, Japan, Germany, and Thailand, for being non-compliant.</p><p>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.</p><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> Read more: </span> Binance ordered by Belgian regulator to suspend crypto services </div><span class="google-news-banner__label">Follow Us on Google News</span></div><p>Source: <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/bitcoin-accumulation-continues-exchange-holdings-hit-5-year-low-tbt61132.html">https://thebittimes.com/bitcoin-accumulation-continues-exchange-holdings-hit-5-year-low-tbt61132.html</a></p>

Bitcoin accumulation continues, exchange holdings hit 5-year low

TheBitTimes

Other articles published on Aug 31, 2023

Yearn Community Approved the "Launch v3 Proposal"

Judge Dismisses Uniswap Lawsuit; Describes ETH a Commodity

BingX BTCUSDT scored industry lowest Slippage after Advanced Perpetual Futures Upgrades

City University Ajman and Ajman Municipality Collaborate in Empowering Human Resources through We...

🔥opBNB — New Vote on Roobee DAO!

Swift and Chainlink Collaborate to Foster Interoperability for Tokenized Asset Markets

Join our free newsletter for daily crypto updates!