Since the start of 2020, the amount of unique wallets sending Bitcoin to crypto exchanges double growth with 100,000 addresses
According to Glassnode, currently, there are 100,000 Bitcoin addresses whose owners keep sending their Sats to crypto trading platforms. Furthermore, twice as many people move their Bitcoins for storage on digital exchanges as they did earlier in the year.
The number of #Bitcoin addresses depositing funds to exchanges has doubled since the beginning of the year.
Currently, around 100k unique addresses send $BTC to exchanges each day.
Last time we saw these levels was during the peak bull market of 2017.https://t.co/twjt4mQtFn pic.twitter.com/x19mnDMluM
— glassnode (@glassnode) September 22, 2020
Glassnode: The total amount of Bitcoin fees has surged 51.9% in the past 24 hours
Glassnode has revealed that people were eager to send their bitcoins to crypto exchanges every day. The number of BTC wallets transferred daily has doubled since the beginning of the year, and there are currently 100,000 such wallets.
Glassnode commented that the same numbers were last seen in 2017 when the market was going through a peak bull run.
Glassnode has also reported a significant increase in the value of the total Bitcoin fees paid (2-day MA). The value of this metric has increased by almost 52% over the past 24 hours.
? #Bitcoin $BTC Total Fees Paid (2d MA) increased significantly in the last 24 hours.
Current value is $26,307.70 (up 51.9% from $17,319.68)
View metric:https://t.co/Uo6KZmTJZm pic.twitter.com/sMvVAxVYH5
— glassnode alerts (@glassnodealerts) September 22, 2020
This shows that many people transfer Bitcoin from their wallets to exchanges in regular payments or transfers. Sending BTC takes anywhere from a few minutes to a few hours, unlike wire transfers, which require days to send money to the recipient.
Additionally, higher fees make verifying BTC transactions faster and ultimately pushing money through the network more quickly.
On-chain analytics provider Santiment: Now is a buying opportunity
On-chain analytics provider Santiment asserts that Bitcoin and crypto assets tend to bounce when social sentiment indicates there is a lot of fear, uncertainty and doubt, which suggests that now is a buying opportunity.
It added that this is what has been happening since early September when markets plunged $60 billion in terms of total market capitalization.
Santiment stated:
“This is exactly what we’ve been seeing for #Bitcoin, #Ethereum, and many #altcoins following early September. Generally, the best buy opportunities in crypto come when the average trader is down, both psychologically and financially. This is what our metrics currently indicate.”
The on-chain analytics provider added:
“Bitcoin’s weighted social sentiment on Twitter continues to hover around near two year lows indicating that there are a lot of doubters in the price level, keeping support at the mid-$10k zone. This would be good news for whales, the report added, which tend to go against the crowd.”
Following the early September slump, when there was also a lot of negative social sentiment, Bitcoin recovered around 12% to top out over $ 11.000, and the same could happen again. This latest plunge a couple of days ago has resulted in a much smaller drop off for Bitcoin prices with just 7.5% lost to its low of $ 10.300.
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