One indicator suggests that market participants are loading up on Bitcoin (BTC) and Ethereum (ETH) for the long haul, according to the crypto analytics firm IntoTheBlock.
Lucas Outumuro, the firm’s head of research, notes in a new analysis that the top two crypto assets continue to witness exchange outflows, though this week’s levels were at a reduced pace compared to previous weeks.
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Exchange withdrawals potentially point to accumulation by investors storing their crypto outside of centralized exchanges, according to Outumuro.
The researcher also notes that Bitcoin’s network fees, which track the willingness to spend as well as the demand to use the crypto asset, rebounded by 55% this week from the yearly low printed last week. Ethereum’s fees also remained “relatively high for bear market standards,” according to Outumuro.
Additionally, the researcher says Bitcoin’s 30-day volatility has dropped to a two-year low.
BTC has hovered roughly around the $20,000 range since mid-June and is trading at $19,187 at time of writing. The top-ranked crypto asset by market cap is up 0.44% in the past 24 hours.
ETH is trading at $1,300 at time of writing. The second-ranked crypto asset by market cap is up more than 1% in the past 24 hours.
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