{"id":330414,"date":"2023-07-26T19:00:54","date_gmt":"2023-07-26T13:30:54","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=330414"},"modified":"2023-07-26T15:57:39","modified_gmt":"2023-07-26T10:27:39","slug":"bitcoin-increasing-self-custody-to-impact-btc-in-this-manner","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-increasing-self-custody-to-impact-btc-in-this-manner\/","title":{"rendered":"Bitcoin: Increasing self-custody to impact BTC in this manner"},"content":{"rendered":"<ul>\n<li><em>Investors continued to withdraw Bitcoin from exchanges, indicating positive sentiment.<\/em><\/li>\n<li><em>Holders showed faith even as interest in Ordinals declined.<\/em><\/li>\n<\/ul>\n<p>As Bitcoin [BTC] dipped below the $30,000 mark over the last few days, many suspected that the sentiment around the king coin would soon turn bearish. However, recent data indicated that many addresses continued to show bullish optimism.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC] Price Prediction<\/a> 2023-2024<\/p>\n<hr \/>\n<h4>Self-Custody is on the rise<\/h4>\n<p>According to Santiment&#8217;s data, Bitcoin&#8217;s supply on exchanges showed an ongoing trend of moving into self-custody, and the recent dip below $30,000 did not elicit strong reactions indicative of fear, uncertainty, and doubt (FUD) or potential imminent sell-offs.<\/p>\n<p>The press time amount of 1.17 million BTC on exchanges was the lowest it has been since November 2018.<\/p>\n<figure id=\"attachment_330419\" aria-describedby=\"caption-attachment-330419\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F17bRZiaYAA1Qeg-scaled.jpeg\"><img decoding=\"async\" class=\"size-full wp-image-330419\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F17bRZiaYAA1Qeg-scaled.jpeg\" alt=\"\" width=\"2560\" height=\"1634\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F17bRZiaYAA1Qeg-scaled.jpeg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F17bRZiaYAA1Qeg-300x191.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F17bRZiaYAA1Qeg-1024x654.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F17bRZiaYAA1Qeg-768x490.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F17bRZiaYAA1Qeg-1536x980.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F17bRZiaYAA1Qeg-2048x1307.jpeg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-330419\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>The growing inclination towards self-custody wasn&#8217;t the only positive indicator for Bitcoin. The behavior of multiple addresses suggested that despite the falling price, the accumulation of BTC across the crypto market hadn&#8217;t stopped.<\/p>\n<p>One of the major signs of rising BTC accumulation was the surge in the number of whale addresses. According to Glassnode, the number of addresses holding more than 1 Bitcoin reached an all-time high of 1,011,727.<\/p>\n<figure id=\"attachment_330422\" aria-describedby=\"caption-attachment-330422\" style=\"width: 2400px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F13IvdzWYAAMek_.jpeg\"><img decoding=\"async\" class=\"size-full wp-image-330422\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F13IvdzWYAAMek_.jpeg\" alt=\"\" width=\"2400\" height=\"1200\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F13IvdzWYAAMek_.jpeg 2400w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F13IvdzWYAAMek_-300x150.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F13IvdzWYAAMek_-1024x512.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F13IvdzWYAAMek_-768x384.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F13IvdzWYAAMek_-1536x768.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F13IvdzWYAAMek_-2048x1024.jpeg 2048w\" sizes=\"(max-width: 2400px) 100vw, 2400px\" \/><\/a><figcaption id=\"caption-attachment-330422\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>Additionally, old addresses, which have been holding BTC for quite some time, showed no signs of succumbing to sell pressure. This was confirmed by Glassnode&#8217;s data, which showcased that the amount of HODLed coins had reached a 5-year high of 7,791,774.891 BTC at press time.<\/p>\n<figure id=\"attachment_330424\" aria-describedby=\"caption-attachment-330424\" style=\"width: 2400px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F16_8uAWYAAJZCW.jpeg\"><img decoding=\"async\" class=\"size-full wp-image-330424\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F16_8uAWYAAJZCW.jpeg\" alt=\"\" width=\"2400\" height=\"1200\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F16_8uAWYAAJZCW.jpeg 2400w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F16_8uAWYAAJZCW-300x150.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F16_8uAWYAAJZCW-1024x512.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F16_8uAWYAAJZCW-768x384.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F16_8uAWYAAJZCW-1536x768.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/F16_8uAWYAAJZCW-2048x1024.jpeg 2048w\" sizes=\"(max-width: 2400px) 100vw, 2400px\" \/><\/a><figcaption id=\"caption-attachment-330424\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4>Ordinals lose their appeal<\/h4>\n<p>The positive sentiment, however, was not being driven by Inscriptions or Ordinals. Dune Analytics&#8217; data showed that the number of Ordinals transactions occurring on NFT marketplaces had been declining significantly. As a result, the volume of Ordinals trades also fell.<\/p>\n<p>At press time, the largest number of Ordinal transitions were occurring on the Unisat marketplace, followed by Magic Eden and OKX.<\/p>\n<figure id=\"attachment_330426\" aria-describedby=\"caption-attachment-330426\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-1.16.09-PM.png\"><img decoding=\"async\" class=\"wp-image-330426 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-1.16.09-PM.png\" alt=\"Bitcoin Dune Analytics\" width=\"2560\" height=\"693\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-1.16.09-PM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-1.16.09-PM-300x81.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-1.16.09-PM-1024x277.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-1.16.09-PM-768x208.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-1.16.09-PM-1536x416.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/07\/Screenshot-2023-07-26-at-1.16.09-PM-2048x554.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-330426\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p>The surge in interest in accumulating Bitcoin may be driven by the growing interest expressed by institutions for a Bitcoin ETF.<\/p>\n<h4>ETF race intensifies<\/h4>\n<p>According to ETF analyst James Seyffart&#8217;s tweet, crucial approval deadlines for various Bitcoin ETFs are approaching. ARK 21Shares&#8217; second deadline is on 13 August, potentially giving them an early mover advantage.<\/p>\n<p>Bitwise has its first deadline on 1 September, while a significant group, including BlackRock&#8217;s iShares Coin Trust, faces its first deadline on 2 September.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p>This grouping might subject them to a collective judgment day, influencing the SEC&#8217;s decision-making process.<\/p>\n<p>Lastly, the Valkyrie Bitcoin Fund&#8217;s first deadline is on 4 September.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">By popular demand &#8212; Here&#8217;s the most updated list of dates to watch for the current <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> ETF Race.<\/p>\n<p>(Grayscale is also sorta in this race via their lawsuit against the SEC. Judges should issue a ruling there within the next month or two) <a href=\"https:\/\/t.co\/agJj82XanO\">pic.twitter.com\/agJj82XanO<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1683857648318402560?ref_src=twsrc%5Etfw\">July 25, 2023<\/a><\/p><\/blockquote>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite Bitcoin going below the $30k mark, addresses show bullish sentiment as withdrawals from exchanges start to rise. <\/p>\n","protected":false},"author":73,"featured_media":330459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-330414","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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