On-chain cryptanalyst company Glassnode reported that significant on-chain support for BTC of around $ 47,000 was found, describing the event as the largest on-chain support identified since bitcoin exceeded $ 11,000 at the end of 2020.

According to a March 8 Glassnode report, approximately 1.2 million bitcoins were transferred to the chain as BTC traded between $ 45,500 and $ 48,900 after recovering from a local low of around $ 45,000 last week.

Rafael Schultz-Kraft remarks to CTO in Glassnode that approximately 6.5% of the marketable supply of bitcoin has moved up the chain where support was created.

While Glassnode suggested that Bitcoin’s major move could be an indicator of delay, the company acknowledged that the increase in chain activity could also be related to sellers running for their coins on exchanges:

“The important question we need to ask is whether this volume in the chain is related to unfulfilled obligations, or is it instead of sellers rushing to quit.”
However, the authors of the report pointed out that the number of bitcoins held on the stock exchanges continued a recent downward trend, with 32,500 BTC drawn from key platforms last week.