Thanks to analytical reports provided by Glassnode, we have observed a gigantic surge in the amount of Bitcoin (BTC) being moved off of the various crypto exchanges at an alarming and accelerated rate. Both institutional, as well as retail holders are currently in the process of having their BTC be moved, a development that coincides with the Bitcoin exchange inflow managing to hit a new major low.
The data had also stated that BTC has, in fact, been outflowing from the exchanges at the fastest pace that it has ever done so ever since last November. As of the time of this writing, BTC is trading at $36,758, which is a 1.6% increase since yesterday.
BTC being taken out and put into cold wallets
The aforementioned information provided leads us to believe that many investors are now busy moving their respective BTC assets out of the trading venues before placing the tokens into various respective cold storage vaults. It would thus be safe to assume that the investors are anticipating the eventual spike of Bitcoin as it currently continues to struggle to reach its previous all-time high prices. This expectation would, therefore, also mean that these investors have no plans of selling any BTC, as instead, the goal here seems to be to hold for as long as it takes for Bitcoin to recover.
BTC being adopted by various countries
In related news, the President of El Salvador, Nayib Bukele, had stated a little while ago that he would be the first country ever to accept Bitcoin and make it a legal tender. The 39-year-old president had sent the bill containing the BTC related decision to the country’s local Congress, and the digital asset was listed as legal tender shortly afterwards. Furthermore, the nation had also already managed to establish a partnership with Strike, a mobile payment application.
The developments do not stop at El Salvador either, as Carlitos Rejala, a prominent figure in Paraguay’s parliament, had recently added ‘laser eyes’ to his own profile picture on Twitter, which many have since speculated to be a sign that the country could be the next one to officially adopt Bitcoin as legal tender. Others such as Argentina and Bolivia could follow suit in the near future.
Could El Salvador truly have ignited a spark that would burst into the flame known as Bitcoin legalization? Only time will tell.