CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » Bitcoin Just $3K Away from Trillion Dollar Market Cap

Bitcoin Just $3K Away from Trillion Dollar Market Cap

Author: Martin Young

Last Updated Aug 24, 2021 @ 05:27

Longer-term Bitcoin holders have been taking some profit off the table over the past week as the balances of BTC held on exchanges start to level off.

Getting your audio player ready...

In its week on-chain report this week, analytics provider Glassnode has delved into the spending habits of holders and investors.

It stated that the week had seen some minor profit realization on-chain by long-term holders, “although so far it does not appear to be of significant coin volume to put the brakes on.”

The report added that the key level to break is $53K for Bitcoin to return to the “12-zero’s club” – meaning a trillion-dollar market capitalization.

#Bitcoin rallied towards the $50k level last week, absorbing the profits realised by spenders on-chain

This week, we assess who is spending coins, flows of coins to exchanges, and rising open interest in derivatives markets

Read More in The Week On-chainhttps://t.co/BZ9q1WyXhS

— glassnode (@glassnode) August 23, 2021

Bitcoin on Exchanges Plateaus

One metric that has been visible over the past week or so is that the massive outflow of crypto assets from exchanges has abated as levels begin to plateau. Glassnode noted:

“This week saw a very slight uptick in BTC held on exchanges which follows a month long plateau in coin balances.”

Throughout August, exchange balances have stalled at around 2.5 million BTC or around 13% of the circulating supply. Ethereum balances hit an all-time low of around 15 million ETH last week.

The report added that the Exchange Net Flow metric showed moderate inflows to exchanges as some traders and investors appeared to be taking profits and capitalizing on market strength. The magnitude of the flows was similar to those seen through the December 2020 to April 2021 bull market period and reasonably expected behavior.

There has been a sharp uptick in older coins between 6 months and 5 years being spent, which “largely captures experienced Bitcoin investors and traders who have weathered non-trivial volatility in this cycle already.”

Bitcoin spent outputs
Bitcoin spent outputs – Glassnode

The profit-taking by holders of older coins is a natural part of the bull market and has been observed on previous cycles. It does not mean that a major correction is coming, however, BTC has retraced a little over the past 24 hours.

BTC Price Outlook

At the time of press, Bitcoin was changing hands for $49,870, according to Tradingview. It has retreated around 1.4% on the day after reaching a 15 week high of $50,620 on Monday.

Momentum is still bullish, and a golden cross is approaching on the daily timeframe, estimated for early September should upward momentum continue. There is resistance at around $54K and support currently lies at the 200-day moving average, which is at a little over $46K.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: Bitcoin Bitcoin (BTC) Price
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Martin J. Young
More posts by this author

Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn

Join Our Community

FacebookX YouTubeTelegram


Editorials
How to Farm Airdrops on Hyperliquid (HYPE): The Complete Guide to Free Money This Crypto Cycle

How to Farm Airdrops on Hyperliquid (HYPE): The Complete Guide to Free Money This Crypto Cycle

How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

12 Best Meme Coins to Watch in July 2025

12 Best Meme Coins to Watch in July 2025

7 Best Meme Coin Presales to Watch in July 2025

7 Best Meme Coin Presales to Watch in July 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in July 2025

11 Best Crypto Presales to Consider in July 2025

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!