The Bitcoin market has demonstrated significant decoupling from the politics in the United States in recent days. Despite the United States Securities and Exchange Commission (SEC) scrutinizing the top two centralized exchanges (CEX) – Binance and Coinbase – the amount of Bitcoins held on these platforms experienced minimal changes.
Intriguingly, Binance’s Bitcoin balance has declined by about 23,000 coins over the past seven days, while Coinbase Pro has added approximately 5,640 coins.
Selling Pressure Emerges
Contrary to constant reassurances by Coinbase Global that it will continue operating as usual with no risk of a bank run, the latest on-chain data from Glassnode paints a different picture. Notably, the data reveals increased selling pressure after several months of Bitcoin accumulation. Less than a year into the fourth Bitcoin halving, Bitcoin investors have started offloading their holdings at an accelerated pace, potentially fostering more bearish sentiment.
Also Read: Bitcoin Halving Approaches: Here’s What Next For BTC Price – Coinpedia Fintech News
According to a prominent crypto trader on Twitter, Ali (ali_charts), the heightened fear and selling pressure in the Bitcoin market present a perfect entry point for long-term holders in retrospect. Ali believes that this situation could offer unique opportunities for investors who are looking to enter the market for the long haul.
Global Adoption
The adoption of cryptocurrencies has expanded to more markets worldwide, reducing the significance of negative regulatory developments in the United States. Moreover, the United States currently controls only about 25 percent of global market activities in the crypto space.
However, crypto investors in the United States might feel excluded from the chance to embrace this financial revolution.
