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Retail investors in the cryptocurrency space are exhibiting signs of turning into long-term believers, with a recent exodus of Bitcoin (BTC) and Ethereum (ETH) from centralized exchanges. Latest data shows user balances for both leading cryptocurrencies have sunk to four-year lows, with analysts interpreting the move as a bullish signal for the future. As investors waited for higher prices in a bull market, user balances of Bitcoin (BTC) and Ethereum (ETH) on centralized exchanges significantly dropped, according to Glassnode data. The value of Bitcoin fell to fewer than 2.3 million coins, or roughly $158 billion, while the value of Ethereum fell to less than 16 million coins, or less than $58 billion. ‘Diamond Hands’ And Dollar-Cost Averaging The decline in exchange balances, which began before the July 2020 bull run, has continued unabated. This suggests a shift in investor mentality, with users opting to hold their coins for the long haul rather than actively trading them. Source: Glassnode This newfound confidence could be attributed to several factors. The economic turmoil caused by recent market disruptions, coupled with rising inflation and other financial calamities, has made alternative assets like Bitcoin, with its capped supply, increasingly attractive as a hedge. Related Reading: Crypto Heist Heats Up: Orbit Chain Hackers On The Move With $48 Million Some analysts have noticed a new type of crypto investor. Instead of going after quick gains, these investors are now holding onto their coins through market highs and lows, adopting a “diamond hands” approach. Many are also using dollar-cost averaging, steadily buying more to build their positions over time. Total crypto market cap at $2.3 trillion on the daily chart: TradingView.com Wall Street Whales Dive In, DeFi Heats Up Ethereum’s Engine The positive vibe extends beyond retail investors. Institutional giants like BlackRock and Fidelity have been driving…

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Filed under: News - @ June 11, 2024 6:20 pm