The number of Bitcoin that has been lost or has been held for a long time currently corresponds to just under 34% of all available BTC.
On the chart of the on-chain analysis company Glassnode you can see that the number of Bitcoin that has been lost or has been held for a long time has risen to 33.96%. There is a total of 7,131,084 BTC in these wallets.
According to the on-chain analysis firm, exchange outflow (the number of Bitcoin withdrawn from exchanges minus the amount deposited) also reached a record level in August. The Company tweeted:
Bitcoin Exchange flows have returned to the point where outflows dominate because investors withdrew their BTC in August.
The market has completed several different phases in the course of the year, in which the out- or inflow were of different strengths. In August we can see the same level or behavior as at the end of 2020.
New record values in August
The Bitcoin price rose above the USD 50,000 mark today and could possibly win it as support. In August, not only did the number of lost and long-held BTC reach its highest level in five months. The exchange outflow (the number of Bitcoin withdrawn from the exchanges minus the amount deposited) also reached a record level in August. This had a positive effect on the BTC price, which has increased by almost 20% since the beginning of August and by 65% in the last 31 days.
Many investment management firms are working to bring Bitcoin ETFs to market. The US Securities and Exchange Commission, however, is dragging out the approval of ETFs.
The investment firm AdvisroyShares recently submitted an application for a Bitcoin ETF. The company joins a list of no less than 12 other companies that have all applied for Bitcoin ETFs. Some of the applications have only been submitted in the past few weeks, such as Galaxy Digital and wealth management giant Invesco. Some of those firms that filed their filings much earlier in the year, such as WisdomTree, are still awaiting a final decision from the SEC.
Translated by Maximilian M.
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