Mignolet2024-03-22

There is concern that Bitcoin from long-term holders will be deposited into exchanges.

Bitcoin bull market is correlated with a sharp decline in long-term holders. (1st image) * I won't mention this separately as it has been explained frequently. And the supply of long-term holders is being deposited into exchanges for profit-taking, but that's not the case for the 24-year bullish cycle. One significant reason for this is that BlackRock, which has been buying the most Bitcoin since the ETF approval, is active over-the-counter (OTC). As a result, despite the sharp decline in Bitcoin holdings by long-term holders after the ETF approval, unlike in the past, they are not being deposited into exchanges. situation this week shows that BlackRock's net inflows of Bitcoin are consistently hitting record lows. If this is just temporary, then there may not be any issues. However, if it persists, there is a possibility that long-term holders may start depositing Bitcoin into exchanges in the same way as before. If that happens, the likelihood of price dumping increases. It's important to pay attention to both BlackRock's net inflow movements and the movements of Bitcoin deposits into exchanges.