Consumers are still accumulating Bitcoin with the supply on exchanges continuing to fall, according to a new update by Glassnode.
Glassnode’s blog, The Week On-Chain, noted on Monday that 2,000 BTC is flowing out of exchanges daily, accounting for roughly $66m worth of bitcoin cashed out every day.
The last time such a trend was observed was during the first few months of the bitcoin bull run. At that time institutional investors and consumers rushed to buy up every bit of bitcoin they could, anticipating even stronger prices for the currency, which managed to hit $65,000 before beginning a backslide.
After the May crash, bitcoin was quickly liquidating with many consumers and institution releasing funds, but the original trend is back and exchanges are now seeing steady outflows that signals to bitcoin accumulation.
On-chain fees related to withdrawals increased from 3.7% to 5.4% this month signaling that more people are accumulating the digital currency.