The number of Bitcoin exchanges has dropped 20% over the past year

The number of Bitcoin exchanges has dropped 20% over the past year

Data from blockchain analytics firm Glassnode shows the number of centralized exchanges has fallen by around 20% in the past 12 months. This is an indication that investors are actively accumulating the leading cryptocurrency and keeping it in the refrigerator.

#Bitcoin Balance on exchanges taking another dive

– William Clemente III (@WClementeIII) March 7, 2021

As reported by BTC PEERS, the on-chain analytics provider recently shared data suggesting new Bitcoin hodlers weren’t panicking their crypto holdings amid the massive decline in late February.

Glassnode’s “Hodlwaves” metric, which rates the time since the coins were last moved in the chain, also helped show increased accumulation activity. According to Hodlwaves data released on February 22nd, 57% of Bitcoin supply has not been withdrawn in over a year. In addition, more than a third of that percentage has not moved in more than five years. While it is possible that these coins belonged to long-term hodlers, there is also the possibility that a significant portion of the property may have been lost.

Another possible explanation is the increasing popularity of decentralized exchanges and DeFi earnings logs. Several major investors are turning to DeFi offers for quick profits. To back this up, the total BTC value for Wrapped Bitcoin has increased by more than $ 1 billion this month.

Read on about BTC peers

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