Although Bitcoin price faces challenges in a significant break of the $60,000 support level, the latest on-chain data reveals: a fascinating change of moods among Bitcoin enthusiasts. Despite ongoing price corrections, long-term bond holders appear to remain unchanged. In fact, over the past week, approximately 15,917 BTC worth approximately $987 million was withdrawn from various cryptocurrency exchanges.

Bitcoin is leaving cryptocurrency exchanges en masse

According to A previous NewsBTC reportBitcoin’s recent decline to $60,000 can largely be attributed to the actions of short-term holders. On-chain data shows that this particular group of traders decided to exit their positions after Bitcoin’s performance in early October fell compact of expectations, further increasing selling pressure. However, long-term holders took full advantage of this increased selling pressure. Instead of following short-term market sentiment, many long-term investors took the opportunity to add more Bitcoin to their portfolios.

The data shows that holders of long-term bonds appear to have taken advantage of the selling pressure, with many taking the opportunity to expand their holdings. According to network data highlighted by Cryptocurrency analyst Ali Martinez, Bitcoin reserves on cryptocurrency exchanges have been falling steadily since October 3. On that day, the total Bitcoin balance on exchanges was 2.5825 million BTC. What’s notable is that this number was the result of several consecutive days of BTC inflows into exchanges, starting from September 28 to October 3. During this time, the price of Bitcoin dropped from $66,230 to $60,047, a decline of approximately 9.3%. the same number of traders sold on stock exchanges.

However, in an engaging turn of events, long-term holders saw the influx of BTC on exchanges as an opportunity to acquire more tokens. As a result, there has been a steady decline in the total Bitcoin balance on exchanges since October 3. The numbers show that 15,917 BTC were withdrawn from exchanges from October 3 to the time of writing, bringing the total Bitcoin exchange reserve to approximately 2.5667 million BTC.

What does this mean for Bitcoin?

The outflow of BTC from exchanges is generally seen as positive for the price of the cryptocurrency going forward, as it reduces the amount of BTC available for sale. During this period of outflow, Bitcoin retested the $64,000 price level on October 7. However, the situation has since reversed and is once again approaching the reserve price of $60,000.

At the time of writing, Bitcoin is trading at $60,912, down 2.1% in the last 24 hours. This decline is evident the importance of long-term holders and bullish investors continuing to accumulate BTC from exchanges. The burden of accumulating Bitcoin from exchanges now falls on long-term holders lend a hand prevent further price declines.

Featured image created with Dall.E, chart from Tradingview.com