【upbit exchange】Bitcoin Turns 16: Investors Scoop Up $1 Billion BTC in 48 Hours

Bitcoin has struggled to reclaim $100,upbit exchange000 as a support floor, reflecting a lack of momentum in recent price action.

Despite this, investor sentiment remains bullish, with confidence bolstered by Bitcoin’s growing institutional support and its symbolic milestone of turning 16 years old.

Bitcoin Investors Are Bullish

The supply of Bitcoin on exchanges has dropped by 11,000 BTC in the past 48 hours, signaling reduced selling pressure. Since the beginning of the year, accumulation has surged to $1 billion, with investors consistently acquiring BTC even amid stagnant price movements. This trend highlights the confidence of Bitcoin holders in an eventual rally.

Bitcoin Supply On Exchanges. Source: Glassnode