Bitcoin News

Bitcoin Holders Believe In More Bullish Price In Upcoming Days.

Bitcoin [BTC] liquid supply continues to shrink, with solely 36% of circulating BTC being shifted on-chain within the past 6 months.

In line with recent data shared by on-chain cryptocurrency data aggregator Glassnode on 21st March, the height of the 2017 market saw 50% of Bitcoin’s supply circulating within the preceding 6 months.

The data outlined that few long-term investors are tempted to sell their Bitcoin at the present price levels, suggesting Bitcoin’s whales are holding for higher prices and therefore the ongoing bull-trend could have much further to travel from here.

Comparing the age of BTC moved on-chain may offer some insight into market sentiment. When prices hit new peaks it’s natural that older coins are going to be sold for profit, but that trend appears to be decreasing – suggesting that investors would rather hold on to their assets.

The present supply of BTC is 18.66 Mln or 88.85% of the 21 Mln limit. It’s also been reported that around a fifth of all BTC has been lost or stolen, suggesting the particular circulating supply of Bitcoin might be considerably lower, bolstering the scarcity of the asset.

Glassnode data shared by popular cryptocurrency analyst Willy Woo on the same day also revealed significant on-chain activity while Bitcoin’s market cap has been over $1 trillion, with 7.3% of BTC’s supply changing hands while the asset has boasted a 13-figure market cap.

Bitcoin Holders Believe In More Bullish Price In Upcoming Days.

The data, which illustrates UTXO Realized Price Distribution [URPD], tracks Bitcoin’s unspent transaction outputs at different prices. Woo explained:

“This is pretty solid price validation; $1T is already strongly supported by investors. I’d say there is a sporting chance we’ll never see Bitcoin below $1T again.”

“URPD is a lens into price discovery by showing the worth when coins last moved to assume they were purchased by investors,” he explained.

Moreover, Woo added that on-chain coin movements don’t always indicate active trading, with exchanges regularly shifting their virtual assets internally.

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