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According to a new report from Delphi Digital’s Bitcoin Outlook, it appears that Bitcoin’s 2020 uptrend is way different than what happened last year and that’s mostly due to the fact that exchange balances fell.

The report was created by three researchers who figured out that Bitcoin’s 2019 run of $13,800 had little in common with this year’s $12,500 run. A plausible explanation for this phenomenon is that last year, the exchange balances grew while this year they fell, even as the prices increased. So, traders and investors are less pressured now than they were last year. This also means that, at the moment, people are less inclined to speculate when it comes to crypto and they prefer to do hodling.

According to the researchers, this year’s uptrend is also a lot more sustainable than it was last year. It’s very interesting that the newly-compiled report also chimes in with other previous data about exchange balances. Also, it appears that there are longer time horizons for Bitcoin hodlers, especially when considering the differences between this year and last year’s data, also highlighted in the report.

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Delphi also reveals that there are many other factors that could alter hodlers’ habits. Some of these behaviors include leaving Bitcoin on exchanges instead of storing them in wallets or using stablecoins for trades. The researchers also state that when the Bitcoin stock decreases and the price increases, a Bitcoin accumulation trend is clearly visible which further proves that the report’s conclusions stand.

It’s worth mentioning that, a while ago, on-chain analyst CryptoQuant has also reached a similar conclusion which further proves that the ongoing trend is something palpable and not imagined in any way, shape, or form.

It has been previously reported that Bitcoin’s volatility caused unrest for miners even with these all-time highs in network fundamentals. The report also notes that there have been some spikes of Bitcoin inflows from mining pools to exchanges over the past few months. For example, on September 13th, the biggest daily yearly inflow happened at 1114 BTC. Contrary to what some might think, this fact did not prompt any negative price action. The so-called green bubbles were accompanied by enough bids that indicated a very healthy demand. However, as time goes by, the impact of these aforementioned spikes will be a lot less major.

Paul Burlage, one of the researches who conducted the study, recently mentioned through a tweet that the growth in Bitcoin whales is moving the same way and at the same speed as the price growth.

But what does the future hold? According to experts, the only threats to Bitcoin’s stability may come from the outside. It remains to be seen where this could lead and how will Bitcoin emerge from this entire situation.

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