Crypto.news - The Bitcoin (BTC) price has been consolidating between $29,000 and $29,600 over the past day. The amount of BTC outside exchanges has reached a new all-time high (ATH).
According to data from Santiment, Bitcoin supply on self-custodial wallets has reached 18.39 BTC, marking a new ATH. Per the market intelligence platform, this amount has been constantly rising since December 2018 with a few declines in October 2019 and February 2021.
BTC price, weekly volatility and supply outside exchanges – Aug. 3 | Source: Santiment
However, Bitcoin is down by 1.3% in the past 24 hours and trading at around $29,030 when writing. The asset’s 24-hour trading volume is also down by 24%, currently at $15.5 billion, with a total market capitalization of over $564 billion.
Moreover, the one-week price volatility of Bitcoin has been consistently rising since August 1, suggesting a spike in short-term traders. Per Santiment, on a seven-day average, BTC’s price volatility rose from 0.0034 on August 1 to 0.0062 at the time of writing.
According to a report on August 2, the flagship cryptocurrency briefly touched the $30,000 mark as the price drop below the $29,000 mark sparked a significant rise in whale transactions — each consisting of over $1 million worth of BTC.
Furthermore, the business intelligence company MicroStrategy reportedly prepares to accumulate more Bitcoins while selling 750 million shares of its stock.
This article was originally published on Crypto.news
