Despite Bitcoin going below the $30k mark, addresses show bullish sentiment as withdrawals from exchanges start to rise.
Holders showed faith even as interest in Ordinals declined.dipped below the $30,000 mark over the last few days, many suspected that the sentiment around the king coin would soon turn bearish. However, recent data indicated that many addresses continued to show bullish optimism.
The press time amount of 1.17 million BTC on exchanges was the lowest it has been since November 2018.The growing inclination towards self-custody wasn’t the only positive indicator for Bitcoin. The behavior of multiple addresses suggested that despite the falling price, the accumulation of BTC across the crypto market hadn’t stopped.
One of the major signs of rising BTC accumulation was the surge in the number of whale addresses. According to Glassnode, the number of addresses holding more than 1 Bitcoin reached an all-time high of 1,011,727.Additionally, old addresses, which have been holding BTC for quite some time, showed no signs of succumbing to sell pressure. This was confirmed by Glassnode’s data, which showcased that the amount of HODLed coins had reached a 5-year high of 7,791,774.891 BTC at press time.
At press time, the largest number of Ordinal transitions were occurring on the Unisat marketplace, followed by Magic Eden and OKX.The surge in interest in accumulating Bitcoin may be driven by the growing interest expressed by institutions for a Bitcoin ETF.According to ETF analyst James Seyffart’s tweet, crucial approval deadlines for various Bitcoin ETFs are approaching. ARK 21Shares’ second deadline is on 13 August, potentially giving them an early mover advantage.
Bitwise has its first deadline on 1 September, while a significant group, including BlackRock’s iShares Coin Trust, faces its first deadline on 2 September.This grouping might subject them to a collective judgment day, influencing the SEC’s decision-making process.By popular demand — Here’s the most updated list of dates to watch for the current
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