Currently, 12.9% of the circulating Bitcoin supply, or roughly $163 billion, is sitting on exchanges, according to the report.
Generally speaking, Glassnode writes in its analysis, if investors were keeping more of their Bitcoin on exchanges it’d be a sign they thought it was overpriced and wanted to be ready to sell.
In other words, the record-high prices haven’t prompted many people to sell.
That’s an increase of 72% over how many newcomers were sending or receiving Bitcoin at the start of August.