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 tradin
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