Long-term Bitcoin holders have displayed resilience, and data suggest that they had an inkling of a favorable outcome. Prior to a court victory for Grayscale against the U.S. Securities and Exchange Commission (SEC), there was significant accumulation of Bitcoin during a period of low volatility.
According to Analysis by Santiment, BTC whales and sharks (Wallets holding between 10,000 to 10,000 BTC) accumulated 14,596 BTC leading up to the ruling. This accumulation jump was the largest of the summer, coinciding with the bullish ETF news. The Market recovery following this accumulation prompted a surge in Bitcoin’s price by over 6% to just over $28,000.
Further supporting this trend, nearly 30,000 BTC were sent to Crypto Exchanges during the same period, effectively increasing the exchange supply. The recent surge in BTC value was speculated to be driven by derivatives exchanges rather than spot exchanges.
A report by Bitfinex revealed that long-term BTC investors are consistently amassing more Bitcoin and extending their holding durations. This indicates a renewed sense of optimism in the market, with 40% of the total Bitcoin supply staying inactive for over three years. Bitfinex used the ‘Coin Days Destroyed’ metric to gauge this trend, which showed that long-held digital assets have predominantly remained dormant on the Blockchain.
The report also noted remarkable resilience in accumulation among holders who have maintained their Bitcoin holdings from three years ago or even earlier, spanning both the peak of the bull market and subsequent bear market. However, newer long-term holders who acquired their positions over the bear market are currently unsettled but not in a state of panic. They endured the price decline from $30,000 to sub $25,000 in April but chose to liquidate their positions when the price dipped below the $29,000 low in July.
The rise in the ‘Coin Days Destroyed’ metric suggests that the selling by these newer long-term holders was a one-time event aimed at realizing some profit, rather than a shift in sentiment to bearish..
#Bitcoin #Whales #Sharks #Handsomely #Rewarded #Grayscales #Victory #SEC #Data
According to Analysis by Santiment, BTC whales and sharks (Wallets holding between 10,000 to 10,000 BTC) accumulated 14,596 BTC leading up to the ruling. This accumulation jump was the largest of the summer, coinciding with the bullish ETF news. The Market recovery following this accumulation prompted a surge in Bitcoin’s price by over 6% to just over $28,000.
Further supporting this trend, nearly 30,000 BTC were sent to Crypto Exchanges during the same period, effectively increasing the exchange supply. The recent surge in BTC value was speculated to be driven by derivatives exchanges rather than spot exchanges.
A report by Bitfinex revealed that long-term BTC investors are consistently amassing more Bitcoin and extending their holding durations. This indicates a renewed sense of optimism in the market, with 40% of the total Bitcoin supply staying inactive for over three years. Bitfinex used the ‘Coin Days Destroyed’ metric to gauge this trend, which showed that long-held digital assets have predominantly remained dormant on the Blockchain.
The report also noted remarkable resilience in accumulation among holders who have maintained their Bitcoin holdings from three years ago or even earlier, spanning both the peak of the bull market and subsequent bear market. However, newer long-term holders who acquired their positions over the bear market are currently unsettled but not in a state of panic. They endured the price decline from $30,000 to sub $25,000 in April but chose to liquidate their positions when the price dipped below the $29,000 low in July.
The rise in the ‘Coin Days Destroyed’ metric suggests that the selling by these newer long-term holders was a one-time event aimed at realizing some profit, rather than a shift in sentiment to bearish..
#Bitcoin #Whales #Sharks #Handsomely #Rewarded #Grayscales #Victory #SEC #Data
