BTC Hodlers Indifferent of Coinbase, Binance FUD
The recent lawsuit filed by the US SEC against Binance and Coinbase Exchange has had little or no impact on long-term Bitcoin HODLers. According to Glassnode, a crypto market analytics provider, the percentage of Bitcoin Long-Term Holder Supply sent to Exchanges is still extremely low, at around 0.004%.
This means that long-term HODLers, defined as those who have held their BTC for more than 155 days by Glassnode, are not liquidating their assets through these trading platforms. Glassnode’s analysis has already detailed the low likelihood that assets held in custody for such a long period will be easily liquidated.
Contrary to popular belief, the Glassnode insight revealed that the FUD surrounding Coinbase and Binance has not caused many HODLers to withdraw their assets.
When the SEC first announced the Binance charges, followed by Coinbase charges about 24 hours later, the market reacted negatively.
For the time being, Glassnode data confirms that long-term Bitcoin holders are unfazed by the uncertain regulatory environment surrounding Binance and Coinbase; however, the likelihood of things changing in the long term is debatable.
(With inputs from Shikha Singh)
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