The volume of bitcoins stored on exchanges has approached the minimum since November 24, 2018. On Monday, August 17, the figure dropped to 2.61 million BTC, according to research firm Glassnode.
In February, the balance of bitcoins on the exchanges peaked, exceeding 2.95 million BTC. Since then, that number has dropped by almost 9%.
97.6% of unspent transactions on the bitcoin network are in positive territory. This means that only 2.4% of all BTC transfers were made at the moments when the price of the cryptocurrency was above the current levels.
Glassnode stressed that the rise in this indicator above 95% historically occurs 2-3 months after the significant increase in the price of BTC. In some cases, the rally started earlier.
Analysts have noted an improvement in the fundamentals of bitcoin. The network is monitored using the Glassnode Network Index (GNI), which has gained 2 points since last week.
The Glassnode Compass tool, which determines potential Bitcoin price movements, has been in a bullish zone for 12 weeks in a row. This trend confirms that Bitcoin is still preparing for a rally, analysts say.
As a reminder, the bitcoin price exceeded the $12,000 mark on Monday, August 17th.