Share this article
Bitcoin Traders Keep Buying the Dip, Blockchain Data Suggests
More bitcoin may be getting HODLed, blockchain data shows.
By Muyao Shen
Updated Sep 14, 2021, 12:32 p.m. Published Mar 25, 2021, 3:38 p.m.
Make us preferred on Google
Bitcoin buyers may have bought the recent price dip and now are taking down their cryptocurrency from exchanges, blockchain data suggests. To digital-market analysts, it's a bullish signal traders or investors might be preparing to hold their BTC for the long term.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- More than 1,365 BTCs were removed from cryptocurrency exchanges during the 24 hours through 12:00 UTC Thursday, the highest for a 24-hour period so far this year, according to the blockchain data firm Glassnode.
- The spike in withdrawals from exchange addresses came as the No. 1 cryptocurrency by market capitalization slumped on Thursday to near $50,000, from a high at $56,783.86 in the past 24 hours.
- "Today we have a new all-time high in BTC leaving the exchanges for 2021 and a new dip-buying prize to award," bitcoin analyst Willy Woo tweeted Thursday.
- At the same time, more coins are being withdrawn to an illiquid status, separate blockchain data show.
- The monthly net change of supply held by liquid and highly liquid entities have pushed into deeply negative levels, to a degree not seen in three years, according to Glassnode. (See chart above.)
- That might be related to many investors' growing use of bitcoin as a hedge against inflation in the face of trillions of dollars of monetary stimulus pumped into global financial markets over the past year by central banks around the world.
- "The trend of coins withdrawn and locked away into long-term holding patterns is a direct response to the world's central bank response to 2020," Glassnode wrote in its newsletter earlier this month. "There still appears to be significant demand from long-term investors."
- At press time, bitcoin is changing hands at $51,278.06, down 9.49% in the past 24 hours.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Bitcoin hash rate slides during U.S. winter storm while markets shrug off mining disruption
The temporary loss of mining power underscores academic concerns that geographic and pool concentration can magnify infrastructure failures, though markets showed little immediate reaction.
What to know:
- Bitcoin’s hashrate fell about 10 percent during a U.S. winter storm, underscoring how local power disruptions can strain the network’s capacity to process transactions.
- Researchers have shown that concentrated mining, as seen in a 2021 regional outage in China, can lead to slower block times, higher fees and broader market disruptions.
- With a few large pools now controlling most of Bitcoin’s hashrate, the network is increasingly vulnerable to localized infrastructure failures, even as the price of BTC remains largely unaffected in the short term.
Top Stories
