Analysis More than 100k BTC pulled into self-custody year to date More than 100k BTC pulled into self-custody year to date Zeynep Geylan · 1 day ago · 2 min read In the past 30 days, over 70,000 Bitcoin were moved to self-custody wallets, pushing the illiquid supply to over 15.1 million.2 min read Updated: February 10, 2023 at 4:40 pm Cover art/illustration via CryptoSlate Ad More than 100,000 Bitcoin (BTC) have been transferred to self-custody storages since the beginning of the year, according to Glassnode data analyzed by CryptoSlate.The chart below represents the amount of illiquid BTC with the orange line since the beginning of January.According to the chart, the illiquid BTC supply was around 15 million at the beginning of the year.
Throughout January, about 70,000 BTC moved to self-custody.This movement also continued during the first weeks of February, pushing the total illiquid BTC supply to over 15.1 million.
Illiquid supply change The chart below represents the illiquid BTC supply change with the red and green zones, respectively.
The green zones indicate that the movement toward self-custody storage is dominant, while the red areas signal the opposite.BTC has been mostly moving to self-custody storage since the beginning of 2020, except for brief periods where an opposite flow was recorded.The most significant opposite movement was recorded in May 2021, while the second most aggressive movement toward exchanges was recorded in May 2022.These movements coincide with significant bear markets in crypto history.During May 2021, BTC lost over 40% of its value, which motivated the investors to move their BTC onto exchanges, potentially to sell.
According to the chart, over 250,000 BTC were transferred to exchanges at the time.During the Terra collapse in May 2022, however, the movement toward exchanges was much smaller in comparison.Even though a certain number of investors pulled their BTC onto exchanges, the amount barely reached 100,000 BTC.This difference suggests that investors are more tempted to hold their positions instead of exiting in moments of fear.February has been a rollercoaster ride for cryptocurrency traders, with market volatility leading to high levels of price uncertainty.Following a strong start to the month, bitcoin prices have since plunged, resulting in a current bear run.
However, with just over two weeks left of this short month, what else could be in store for speculators? Current Market Status Bitcoin has mostly traded higher this year, boosted by lower levels of inflation, which has in turn prompted the Federal Reserve to hike rates at a slower pace.Since starting the year trading at a high of $16,621, the world’s largest cryptocurrency by market capitalization added as much as $8,000 to its value, in a four-week period.However, last week’s rate hike which was a 25 basis point move, was followed up by a significant increase in non-farm payrolls, which confused markets.Payrolls came in at 517,000 vs expectations of 185,000, leading to many questioning the Fed’s view that we are in a disinflationary cycle.With macro elements confusing investors, the crypto industry saw more bearish sentiment when the U.S.Securities and Exchange Commission (SEC) cracked down on staking services, adding to the already dismal situation.
Following this, markets have mostly moved lower, with previous bulls consolidating gains from earlier in the month.February Outlook As of writing this, BTC/USD is currently trading at $21,690.20, which is its lowest point since January 20.Looking at the chart, BTC has extended a breakout of a key price floor at $22,500 and seems to be moving towards lower support at $21,200.In addition to this, the 10-day (red) moving average has firmly shifted course and is now nearing a downward cross, with its 25-day (blue) counterpart.
As a result of this downward shift, the 14-day relative strength index now sits at a one-month low at 45.60, and is now nearing the oversold region.There is a strong possibility that BTC/USD will collide with a floor at $21,200, however, should this point hold, bulls will likely use this as an opportunity to make another run toward the $25,000 mark.Tags in this story Will bulls reject a breakout below $21,200 this month? Let us know your thoughts in the comments.Eliman Dambell Eliman brings an eclectic point of view to market analysis.
He was previously a brokerage director and online trading educator.Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.
It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Solana slipped to a three-week low on Feb.10, as momentum in cryptocurrency markets remained firmly bearish.At the time of writing this, the global market cap is trading 4.23% lower, with bears recapturing sentiment.
Cardano was also on the decline, falling by as much as 8% today.Solana (SOL) Solana (SOL) prices plunged during today’s session, which comes as bears have seemingly recaptured market sentiment.
Following a high of $22.90 on Thursday, SOL/USD moved to an intraday low at $20.20 earlier in the session.This drop resulted in the token hitting its lowest point since January 19, when solana last collided with a floor at $20.00.Since hitting a peak of 87.67 on the 14-day relative strength index (RSI) back on January 13, price strength has consistently declined.
As a result of this, the index is now tracking at 44.21, which is its weakest point since January 2 when SOL was under $10.00.Ultimately, this has its positives, as longer-term bulls may see this as a sign that prices are gradually moving in the right direction.Cardano (ADA) Cardano (ADA) extended its own recent sell-off on Friday, with prices falling for a third straight session.ADA/USD dropped to an intraday low of $0.3558 earlier today, which comes after prices peaked at $0.3896 on Thursday.As a result of this drop, ADA slipped to its weakest point since January 25, breaking out of a floor at $0.3590 in the process.
Since falling from this point of support, ADA has somewhat rallied, with bulls moving to buy the dip in price.This took place as the RSI leveled out at a floor of 46.70, with cardano currently at $0.3611.If this floor on the indicator continues to hold firm, there could be a rally over the week, with bulls re-entering the market.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Do you expect cardano rally once today’s sell-off has ceased? Let us know your thoughts in the comments.Eliman Dambell Eliman brings an eclectic point of view to market analysis.He was previously a brokerage director and online trading educator.
Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Bitcoin moved below $22,000 on Friday’s session, as sentiment in cryptocurrency markets remained bearish.Volatility in markets has risen in recent days, following comments from U.S.Fed Chair Jerome Powell, who hinted at ongoing rate hikes.
Ethereum also dropped, falling under $1,600.Bitcoin Bitcoin (BTC) extended recent declines on Friday, with prices falling below the $22,000 mark for the first time in several weeks.
BTC/USD fell to an intraday low of $21,754.13 earlier today, which comes less than 24 hours after trading at $22,770.22.As a result of this drop, bitcoin moved to its weakest point since January 20, when the price bottomed at $20,865.From the chart, the sell-off took place following a break out of a resistance level at $22,500, which had mostly held firm since late January.In addition to this, the 14-day relative strength index(RSI) also dropped, falling to its lowest point in over a month.After weeks in overbought territory, price strength has started to subside, which could act as a long-term positive for bulls, whose next target will likely be $25,000.Ethereum In addition to bitcoin, etheruem (ETH) was also in the red in today’s session, as it fell below the $1,600 level.
Following a high of $1,643.64 on Thursday, ETH/USD slipped to a bottom at $1,536.59 earlier in the day.Like with BTC, this move pushed the world’s second-largest cryptocurrency to its lowest point since late-January.Overall, ETH has now fallen for a third consecutive day, with the latest drop resulting in prices breaking out of a floor at $1,600.Traders now seem to be targeting a lower point of support at $1,515, which has not occurred so far, thanks to some resistance in price strength.The RSI has collided with a floor at 46.75, which is its lowest point since January 3 and has helped calm earlier declines.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Could ethereum fall below $1,500 this coming weekend? Leave your thoughts in the comments below.
Eliman Dambell Eliman brings an eclectic point of view to market analysis.He was previously a brokerage director and online trading educator.
Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.
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