Bitcoin deposits to centralized exchanges dwindled to a 3-year low, indicative of the lull in trading activity.
Liquid supply is the amount of BTC tokens available to be traded in the secondary market, like exchanges. With the supply dropping to multi-year lows, the tokens transferred on-chain also trended downwards.Source: GlassnodeWhile the HODLing activity was spearheaded by long-term holders, known to store coins for extended periods, short-term holders didn’t stay behind.
The sentiment to HODL is rooted in the growing optimism behind BTC’s future prospects. With institutional interest peaking for digital assets in the backdrop of multiple spot Bitcoin Exchange-Traded Fund applications, many of these investors were trying to be market ready during BTC’s next bull run., which have preceded bull markets in the past, could also be a major factor behind the HODLing strategy.As things stand, the market is in an equilibrium phase.
Traders were counting on the upcoming FOMC meeting this week to give some direction to BTC’s trajectory. Experts believed that the U.S. Federal Reserve could raise the interest rates by 25 bps this time after pausing the hike cycle in June.
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