11:29Bitcoin Long-Term Holdings Mature as Investors Refuse to Sell
In its latest ‘week on chain’ report, analytics provider Glassnode has been delving into the state of coin maturation to determine overall market sentiment – and it is still bullish.
It added that Bitcoin, which is better than gold according to Mark Cuban, has bounced from its fourth correction in the current cycle and hodling strengthens as coins mature.
“On-chain data for both Bitcoin and Ethereum indicate strong conviction to hold both assets remains, as coin maturation becomes increasingly evident, and network activity trends higher.”
#Bitcoin has bounced from correction lows as coins mature, HODLing strengthens and stablecoin supplies hit ATH.#Ethereum also shows market strength as throughput increases, exchanges are drained and DeFi absorbs $ETH.
Read more in The Week On-chainhttps://t.co/0aSkAg1j04
BTC Hodl On
The research uses Realized Cap HODL waves to show color bands increasing in thickness as coins mature or are spent into different age bands.
Coins that were accumulated early in this bull market have remained dormant ever since suggesting a reluctance to sell even as prices have over tripled since then.
Institutions and long-term investors will not feel the need to offload the asset quickly, whereas leveraged day traders looking for quick returns are the ones that cause the volatility and violent market dumps when they get liquidated.
These over 155-day old coins can be further measured with the Net Position Change metric which shows the volume of BTC crossing the age threshold over the past month.
“Since 8-April more coins have been maturing than were spent, and this metric hit a 6-month high this week of 96.5k/BTC maturing/month.”
The total BTC supply held by long-term holders has also started trending higher after a period of net distribution and spending, it added.
“This metric further reinforces that on aggregate, more coins are remaining dormant and HODLed by strong hands, than are being spent by LTHs to realise profits.”
Bitcoin Price Update
BTC tapped $59,000 twice on Monday, May 3, but resistance there proved too strong for it to overcome. A sharp decline to $55K was seen during early Asian trading but this provided short-term support and the asset has already bounced off that level.
To resume the rally, Bitcoin must top $60K again as another fall below $50K could spell the end of this bull cycle.
|Total comments: 0|
|Bitcoin (BTC) Inflows into Crypto Exchanges Hit a 1 Year High (0)|
|Bitcoin stabilizes after sell-off, faces resistance near 53k (0)|
|Bitcoin Weekly Forecast: BTC clings to support, on-chain metrics show sellers' onslaught (0)|
|TESLA HAS ONE OTHER BIG REASON FOR HALTING BITCOIN PAYMENTS (0)|
|Bitcoin falls as Binance said to face investigations from US Justice Dept and IRS (0)|
|SEC to Weigh Whether Bitcoin Futures Market could Accommodate ETFs (0)|
|MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations (0)|
|USD Index is Crashing; It Has Been Historically Bullish for Bitcoin (0)|
|SEC Warns of Bitcoin Futures Risks in Mutual Fund Investments (0)|
|If Bitcoin Doesn’t Rally Soon The Selloff Will Be Devastating (0)|