On-chain assessment platform Glassnode Alerts posted some of its most recent information on Bitcoin (BTC), the dominant cryptocurrency, on Twitter earlier today. In response to the post, the BTC balance on exchanges has fallen to 2,281,978.198 BTC, a fresh 3-month low. This comes after the previous 3-month low of 2,282,204.204 BTC, which was registered on June 17, 2023.
A significant portion of BTC investors may have shifted their cash from exchanges and into self-custody solutions if the stability of BTC held by cryptocurrency exchanges falls to a new low. This may also point to increased investor trust in the leader of the cryptocurrency sector.
Given the most recent SEC raids on many cryptocurrency exchanges over the past week, it makes sense for BTC investors to need to transfer their assets into their own custody. According to CoinMarketCap, BTC was one of several cryptos that saw losses during the course of the preceding 24 hours of buying and selling.
The market leader was buying and selling guns at $26,540.60 at the time of publication, having dropped by 0.65% in value from its 24-hour high of $26,651.49 and it’s previous high of $26,651.49, respectively. Despite this slight decline, BTC’s weekly efficiency of 2.88% remained below average.
Additionally, the technical analyst CryptoCon tweeted about the leading cryptocurrency. The expert stated in a tweet published yesterday that the BTC bull market is still alive and well in the wake of a successful retest of the 20-week moving average.
The price of the cryptocurrency did temporarily retest the weekly technical indication mentioned in the analyst’s tweet. CryptoCon does, however, blame market manipulators for this brief decline. As BTC regained its position above the 20-week moving average, it thinks this is simply the beginning of a positive medium-term trend.