Crypto exchanges experience an influx of short-term holders, according to Glassnode.

Short-term Bitcoin holders have set a new record for the volume of deposits made to centralized exchanges, as the cryptocurrency reached the $58,000 milestone. According to a research report by Glassnode, these holders have been consistently depositing over $2 billion worth of Bitcoin per day since mid-January. In total, they have deposited a maximum of $2.46 billion in volume overall. This influx of short-term holders is due to the fact that investors have been holding onto large amounts of unrealized profits since November 2022. As a result, the total volume of deposits and withdrawals on exchanges has reached $5.57 billion per day. This activity is not solely attributed to the recent rally in Bitcoin, as the introduction of new spot Bitcoin exchange-traded funds (ETFs) has also contributed to increased demand. These ETFs have attracted approximately 90,000 BTC in net flows, totaling nearly $38 billion in assets under management. Analysts at QCP Capital expect Bitcoin’s realized volume to remain around 40%, indicating that reaching the $60,000 mark is a natural target for the March expiry. Currently, Bitcoin is trading at $58,692, which is the highest level seen since November 2021.