Bitcoin Supply Metric Touches New All-Time High, Time For Reversal?
11 Oktober 2023 - 9:30PM
NEWSBTC
Bitcoin has been named the best performer among asset classes in
2023, but the cryptocurrency is still struggling to break new
levels in its price. Despite the current bearish sentiment, many
analysts have hinted and predicted a bull run in the coming months,
especially as the market awaits the approval of a spot Bitcoin
ETF. This has probably prompted many investors to hold on to
their coins, as on-chain metrics have shown that the amount of
Bitcoin supply idling recently reached a new all-time high.
Unmoved Bitcoin Supply Reaches Record High The industry expects the
SEC’s approval of spot Bitcoin ETFs to ignite the next bullish run
for the price of Bitcoin. Although the SEC has so far rejected a
number of requests for Bitcoin ETFs, many analysts believe it will
not be long until one is accepted. Related Reading: Crypto
Analyst Puts Litecoin Price At $84, Here’s The Timeline Considering
Bitcoin’s dominance of the entire crypto market capitalization, a
spike in Bitcoin’s price is expected to flow into all other
cryptocurrencies. As a result, investors have been keeping their
holdings in expectation of a future price increase. Recent
data has shown that 94.8% of the total Bitcoin supply has not moved
in the past month, indicating a new all-time high for the
metric. JUST IN: 94.8% of the #Bitcoin supply has not moved
in the past month, a NEW ALL TIME HIGH 🚀 pic.twitter.com/bNa4MdFbKW
— Bitcoin Magazine (@BitcoinMagazine) October 10, 2023 Similarly, a
recent post by on-chain intelligence platform Glassnode alerts
revealed that the amount of HODLed or lost Bitcoin reached a 5-year
high of 7,906,288.227 BTC. 📈 #Bitcoin $BTC Amount of HODLed or Lost
Coins just reached a 5-year high of 7,906,288.227 BTC View
metric:https://t.co/dJK8rxBVD3 pic.twitter.com/6OxLnd611f —
glassnode alerts (@glassnodealerts) October 6, 2023 The overall
Bitcoin net flow into exchanges has decreased by 862.42 BTC ($23.27
million) in the past 24 hours, according to chart insights provided
by IntoTheBlock. While this is relatively small compared to
Bitcoin’s market cap, it shows investor mood might be changing into
a bullish sentiment. Source: IntoTheBlock Time For Reversal?
Bitcoin’s price just rebounded up to $27,100 after failing to gain
traction above the $27,800 resistance in the midst of escalating
Israel-Hamas tensions in the Middle East. Despite this, BTC still
remains the best-performing investment asset this year,
outperforming stocks and bonds with its year-to-date (YTD) return
of 63.3%. Related Reading: Crypto Analyst Identifies 6
Overlooked Altcoins That Could Be Due For A Price Surge Some
investors view unmoved Bitcoin as a sign of solid faith in the
network and adoption of a long-term mindset. Whatever the reason,
Bitcoin’s unmoved supply metric is worth watching as an indicator
of holder sentiment and potential future price pressure.
Recent happenings, particularly the tension of an oncoming
recession in the US, have prompted billionaire hedge fund manager
Paul Tudor Jones to assert that this is the best time to buy
Bitcoin. BTC still holding above $27,000 | Source: BTCUSD on
Tradingview.com Featured image from Shutterstock, chart from
Tradingview.com
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