In a tweet shared with its over 360,000 followers, Glassnode revealed that cryptocurrency exchange balances have fallen to 2.47 million bitcoin, a level that was last seen in August 2018.
The amount of bitcoin held on cryptocurrency exchange wallets is a closely watched metric in the space as it shows the available supply on the market.
The blockchain analytics firm, as The Daily Hodl reports, also looked into the bitcoin exchange net position change metric, which tracks the 30-day change of BTC supply held on cryptocurrency exchange wallets.
Current outflows, Glassnode added, are around 22,00 BTC per month.
Glassnode also shared data that shows long-term holders, which are entities that haven’t moved their BTC on the blockchain for five months or more, have been accumulating more coins.
It added long-term holders are taking profits but “not existing en masse.” As CryptoGlobe reported, the founder of Lyn Alden Investment Strategy highlighted on-chain data that pointed in a bullish direction for Bitcoin and the crypto markets.
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