ThereÃ¢ÂÂs a degree of transparency in cryptocurrencies that doesnÃ¢ÂÂt exist in traditional markets like stocks and bonds: Thanks to data thatÃ¢ÂÂs easily extracted from blockchains, everyone can see everyone else moving their money around.ÃÂ
That means traders can keep an eye on exchange wallets to gauge whether investors and crypto miners are getting their bitcoin into position for a possible sale Ã¢ÂÂ or taking balances down from the exchanges in anticipation of holding for the longer term.
The latter might be whatÃ¢ÂÂs happening now, CoinDeskÃ¢ÂÂs Muyao ShenÃÂ reported Monday. Total balances of bitcoin on major exchanges has hit its lowest levels since November 2018. It could be an indication of bullishness among bitcoin traders.
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Ã¢ÂÂThereÃ¢ÂÂs no reason to sell now,Ã¢ÂÂÃÂ Mike Alfred, CEO of Digital Assets Data, told Shen in a phone interview.ÃÂ Ã¢ÂÂWhy would you be selling when youÃ¢ÂÂre