Bitcoin outside exchanges hits new ATH, price still down

The Bitcoin (BTC) price has been consolidating between $29,000 and $29,600 over the past day. The amount of BTC outside exchanges has reached a new all-time high (ATH).

According to data from Santiment, Bitcoin supply on self-custodial wallets has reached 18.39 BTC, marking a new ATH. Per the market intelligence platform, this amount has been constantly rising since December 2018 with a few declines in October 2019 and February 2021.

However, Bitcoin is down by 1.3% in the past 24 hours and trading at around $29,030 when writing. The asset’s 24-hour trading volume is also down by 24%, currently at $15.5 billion, with a total market capitalization of over $564 billion.

Moreover, the one-week price volatility of Bitcoin has been consistently rising since August 1, suggesting a spike in short-term traders. Per Santiment, on a seven-day average, BTC’s price volatility rose from 0.0034 on August 1 to 0.0062 at the time of writing.

According to a report on August 2, the flagship cryptocurrency briefly touched the $30,000 mark as the price drop below the $29,000 mark sparked a significant rise in whale transactions — each consisting of over $1 million worth of BTC.

Furthermore, the business intelligence company MicroStrategy reportedly prepares to accumulate more Bitcoins while selling 750 million shares of its stock.