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October 2, 2022
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$ 700 million in Bitcoin removed from exchanges as BTC’s liquidity crisis becomes more difficult

Another $ 700 million in Bitcoin placed in long-term hodling

Danny Scott, head of the UK-based cryptocurrency exchange CoinCorner, accessed Twitter to opine that a Bitcoin liquidity crisis is occurring. Scott points out that another $ 700 million in BTC has been withdrawn by users of exchanges for long-term hodling. Cryptocurrency users call this “stacking Sats.”

In his recent tweet, Danny Scott insists that the main cryptocurrency is experiencing a liquidity crisis now, as users begin to acquire Bitcoin and exchange it for long-term hodling in wallets.

As an argument for that, he posted a graph from Glassnode showing that users continue to withdraw Bitcoin from trading platforms. According to the tweet, another gigantic amount of BTC – worth $ 700 million – was withdrawn from exchanges last week.

Image via Twitter

Speaking of which, a recent tweet from analytics provider Glassnode shows that the number of non-zero Bitcoin addresses has reached a new historical record and totals 32,899,276.

The previous ATH of 32,897,649 was seen on December 3, which means that about 1,000 new portfolios were added in about a week.

Institutions acquire Bitcoin for long-term hodling: Tyler Winklevoss

As reported today, Gemini co-founder and Bitcoin billionaire Tyler Winklevoss gave an interview to CNBC.

He said that the current Bitcoin rally is driven by much more powerful causes than in 2017 – when it was driven by FOMO.

Now, believes Winklevoss, the rally is driven by “smart money” – large financial institutions that are placing their bets on Bitcoin based on the current economic situation in the US and the world. This includes the Fed’s direct printing of money this year.

In addition, many banks – including JP Morgan – have recognized Bitcoin as this year’s digital gold.

Source: U.Today

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