Copy Section


{{moment(articledata.cdate)}} @{{" ","")}} comment

%Cryptocurrency wallets around the world are adding more than $1 billion U.S. of %Bitcoin ($BTC ) a month as the rally in digital coins and tokens continues.

New data from blockchain analytics firm Glassnode has found that crypto wallets are now adding Bitcoin at the fastest pace since May of this year.

Specifically, cryptocurrency wallets are seeing net inflows of Bitcoin averaging $1.16 billion U.S. per month, the highest rate since May 11 of this year.

There is now believed to be nearly $87 billion U.S. of Bitcoin stashed in cryptocurrency wallets worldwide, according to Glassnode.

However, analysts are divided over what the inflow of Bitcoin into crypto wallets means for the largest cryptocurrency by market capitalization.

While some analysts say that the latest inflows signal renewed investor confidence in both centralized exchanges and Bitcoin as an investment vehicle, others disagree.

Certain analysts have taken to social media to point out that an inflow of Bitcoin into crypto wallets is widely taken to represent investors' intention to liquidate and then sell their holdings.

Such a scenario could lead to selling pressure and a drop in the price of Bitcoin. Historically, periods of Bitcoin accumulation in digital wallets have coincided with price declines.

That said, there is no indication that Bitcoin’s current rally is pausing. In fact, the price of Bitcoin is up 3% and above $37,000 U.S. on news that Argentina's presidential election was won by Javier Milei, a pro-Bitcoin candidate.

The price of Bitcoin has gained 124% this year, outpacing nearly all other asset classes.

More from @{{" ", "") }}