Halving Bitcoin: investors keep their tokens, according to glassnode

Approaching the halving mining awards on the network Bitcoin, the bitcoiners would withdraw their digital coins from exchange platforms, showing a longer-term holding strategy.

According to the blockchain data provider glassnode, the fact that investors send their bitcoins from stock exchanges to portfolios indicates a " potential shift to longer term conservation strategies "

Next month, the first cryptocurrency will execute its 3rd halving, or halving the rewards distributed to minors who secure the network. Highly anticipated by bitcoiners, the event should take place around May 11, 2020 and will thus raise the rewards from 12.5 BTC per mined block to 6.25 BTC.

Data from glassnode indeed show that the total number of bitcoins kept on crypto-exchanges dropped less than 2,200,000 BTC, a level that has not been seen since the summer of 2019.

Sales drop nearly 10% from January highs […] Apparently, new investors are there for the long term, using Bitcoin as a haven while trust in traditional markets falters, ” precise glassnode.

In view of higher prices, crypto-traders tend to withdraw their digital tokens from exchanges to keep them more secure in proprietary wallets.

For Richard Rosenblum, head of trading for the liquidity provider GSR, the bitcoin halving could "propel its course up and take the rest of the market with it".

An analysis shared by the Singaporean cryptocurrency Luno who believes that its price could even reach $ 100,000 following the halving.

even though 2 previous halving (2012 and 2016) greatly boosted the price of the cryptocurrency, other analysts are more wary this time.

The Bitcoin halving in May 2020 will do nothing at the cost. It won't be an event, ”Jason Williams, co-founder of Morgan Creek Digital, announced earlier.

Some even believe that its price could test the 3000 $ as the event approaches.

Bitcoin has benefited from a rally of more than 50% from its low in mid-March […] The indicators for one of our momentum-based strategies are starting to show a serious decline. A configuration that could lead to a sale of 50%, sending prices towards $ 3000, ”said Nicholas Pelecanos, head of trading at NEM Ventures.