Bitcoin Hovers $23,000 As Self-Custodied BTC Explodes To Over $400 Billion
Key Points: Bitcoin’s current supply continues to migrate towards self-custody, as prices hover around $23,000 in February.
YearnFinance recently saw the two largest transactions in its network over the past three months (by a large margin).
According to a renowned analytics company, a rise in negative attitudes towards Bitcoin (BTC), and the crypto markets in general, increases likelihood that the 2023 bull market will continue. The likelihood of prices rising further increases because of traders’ mistrust. Prices will move in the direction most people believe is most likely. However, Santment believes that Bitcoin’s fundamentals are strong. According to the business, BTC’s existing supply has been steadily migrating into self-custody.Santiment tweeted that Bitcoin’s existing supply continues to migrate to self-custody as prices hover around $23,000 in early February. There are currently $416.5 billion worth of bitcoin left unexchanged and $29.2 trillion in bitcoin on exchanges. YearnFinance reported that the platform witnessed the largest transactions in three months on its network. A pair of transactions worth 3,869.54 $YFI (29.8M each) was sent to a proxy and whale address just a few hours ago.
These types of transfers have been a sign of a price shift in the past. Since these transfers, $YFI’s value has fallen by a modest -1%
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