Bitcoin (BTC), which entered the bear market especially due to the Fed policies, started to see more demand from investors.
Crypto investors are protecting their wallet assets, according to data released by analytics platform Santiment. No matter how much the crypto markets have fallen, there has been a noticeable increase in the number of Bitcoin maximalist people. Despite the aggressiveness of the sellers, the trust of people holding BTC in their wallets is increasing day by day.
Bulls Confidence As Bitcoin Flows To Wallets
According to Santiment analysis, crypto investors are moving their BTC holdings away from exchanges. Claiming that this transaction was made with a maximalist mindset, Santiment claimed that the bulls will soon trust the market.
According to the analysis, there has been a significant increase in the number of investors withdrawing their BTC holdings to personal wallets. This transaction, made for more trusted and expected assets, was concentrated on the BTC side. The supply of the leading cryptocurrency on exchanges fell below 9 percent for the first time since 2018. According to the data, the supply in the stock markets has reached the lowest level in the last 4 years.
BTC Stock Supply Chart Source: SantimentBTC, which has been at its lowest levels for the past year, attracts the attention of investors fleeing inflation and chasing the future. Continued price volatility is driving investors to hold onto their wallets. Anticipating a rally in the future, crypto investors withdraw their BTC holdings from exchanges. Their preference for storing them in personal wallets stems from the confidence in their assets. The increase in the number of people who see BTC as a pillow investment seems to continue.
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