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<\/p>\nDespite Bitcoin crashing below $30,000 for the first time in one month, on-chain metrics suggest whales may be steadily accumulating BTC.<\/p>\n
According to Glassnode\u2019s July 19 \u201cThe Week On-Chain\u201d report, the Bitcoin reserves of centralized exchanges have continued to evaporate despite the recently sustained bearish momentum, with an average of 36,000 Bitcoin (worth roughly $1 billion) being withdrawn from exchanges monthly. <\/p>\n
Glassnode infers the shrinking Bitcoin reserves on exchanges as indicating large investors moving BTC into secure storage, rather than leaving their coins on exchanges in preparation for selling.<\/p>\n
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Glassnode also identified a recent increase in the number of entities hodling Bitcoin since May, increasing from roughly 250,000 to nearly 300,000 today. Glassnode describes \u201can entity\u201d as a unique on-chain cluster of associated addresses.<\/p>\n
The on-chain analytics provider noted that the number of \u201csending entities\u201d \u2014unique address clusters associated with selling \u2014 has fallen by roughly one-third from 150,000 to 100,000, while \u201creceiving entities\u201d \u2014 addresses linked to accumulation or holding \u2014 have increased by roughly than 20% from 190,000 to 250,000 over the same period.<\/p>\n
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Despite emphasizing signals suggesting accumulation, Glassnode noted heavily divided market sentiment, predicting extreme volatility may be imminent for the markets:<\/p>\n
\u201cWe have an extremely divided market, and one with a likely expansion of volatility just around the corner.\u201d<\/p><\/blockquote>\n