There are always exciting metrics in the cryptocurrency industry, even if they may not necessarily indicate market sentiment. However, the metrics regarding Bitcoin being accumulated seem to make a lot of sense. For example, more addresses hold over 100 BTC, and the exchange supply is at a three-year low. Very intriguing coincidences that might push Bitcoin toward the $70,000 level sooner rather than later.

Bitcoin Whales Make Their Move

There are many reasons why people would begin to accumulate Bitcoin. The world’s leading cryptocurrency has a solid track record of early performances. Although 2021 has seen highs and intense lows, the momentum has become a lot more bullish in recent weeks. The world’s leading cryptocurrency noted a new all-time high of over $67,200 less than a week ago, sparking even more excitement.

Following this momentum, it is not too surprising to see holders make their move. Additionally, new investors may also place some strategic orders to increase their current BTC holdings. Per Glassnode, there is a six-month high for addresses holding 100 BTC or more. As 16,208 addresses have such a balance, a very intriguing scenario unfolds.

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Source: Glassnode

Combined, these addresses hold over 1.62 million BTC. That list includes the addresses belonging to Satoshi Nakamoto, which haven’t had a transaction for many years now. However, they also include exchanges, wallets, and other service providers. These are not unique users by any means, although the overall increase is more than interesting. 

One may think this confirms Bitcoin will go through a massive bull run in the coming weeks. it is one possible outcome, although a six-month high may not be sufficient to warrant a new all-time high price. Such values have been recorded before, although Bitcoin set a new all-time high around that time. A push to $70,000 or more remains possible under these circumstances, yet nothing is ever guaranteed. 

Exchange Balances Dip Strongly

Most enthusiasts will recall there is an ongoing exchange outflow for popular crypto assets. Some experts even expect a “supply shock” to occur, although that might take a while. Even so, the exchange balances for BTC are now at a three-year low. Most of us were expecting the development, but it shows it has become a lot more challenging to obtain BTC in those three years. 

Source; Glassnode

As always, it is essential to put the metric in the correct perspective. A three-year low means there are still over 2.436 million BTC in exchange wallets. They may not all be available for sale, but until that number dips below 1 million, there cannot be a supply shock whatsoever. Unfortunately, it seems rather unlikely we will ever record such low amounts. A continual decline is still beneficial, though, especially with prices going higher.