According to a Q3 2023 on-chain report by crypto market intelligence firm IntoTheBlock, addresses holding at least 0.1% of bitcoin’s supply experienced strong net inflows during the third quarter of the year. Despite BTC’s price plunging to $25,000, these addresses recorded a single-day inflow of $600 million, indicating a quietly bullish sentiment among holders. Additionally, these addresses experienced three other spikes of more than $400 million in net inflows, suggesting a build-up of strong interest. The report states that these substantial net inflows occurred while centralized exchanges saw outflows, leading to the belief that the wallets belong to organic buyers rather than addresses from Trading platforms.
However, the report also mentions that the patience of these holders may be tested if the United States Securities and Exchange Commission (SEC) delays its decisions on the applications for Spot Bitcoin exchange-traded funds (ETFs). Despite this potential obstacle, BTC saw negligible net outflows of $90 million from centralized exchanges in Q3. This figure is $1.3 billion less outflows than Q2 2023, but $140 million more than Q3 2022.
The report also highlights the decrease in Bitcoin fees for Q3 2023 compared to Q2 2023. Bitcoin fees slumped by over 71% in Q3, attributed to the introduction of BRC-20 Tokens and the Ordinals protocol, which provided a way to trade meme tokens on the network. However, gas fees on the Bitcoin network have more than doubled since Q3 2022, indicating sustained demand brought by the Ordinals protocol.
Furthermore, the report reveals an increase in the number of long-term BTC holders. The growth in long-term holders is comparable to a cycle seen in 2017, which eventually led to a massive price appreciation of the cryptocurrency in 2020. Analysts speculate that this increase in long-term holders will have significant consequences in 2024, potentially triggering a bull cycle that extends into 2025. They believe that with only around two million bitcoins left to be mined, the crypto community may be on the brink of a supply shock that will greatly impact Bitcoin’s value.
In conclusion, the Q3 2023 on-chain report by IntoTheBlock highlights the strong net inflows to addresses holding at least 0.1% of BTC’s supply, indicating a quietly bullish sentiment among holders. It also sheds light on the decrease in Bitcoin fees and the increase in long-term BTC holders, suggesting potential future effects on the cryptocurrency’s value. However, external factors such as SEC decisions on Bitcoin ETF applications could potentially test the patience of these holders..
#Addresses #Holding #BTC #Supply #Strong #Net #Inflows #Report
However, the report also mentions that the patience of these holders may be tested if the United States Securities and Exchange Commission (SEC) delays its decisions on the applications for Spot Bitcoin exchange-traded funds (ETFs). Despite this potential obstacle, BTC saw negligible net outflows of $90 million from centralized exchanges in Q3. This figure is $1.3 billion less outflows than Q2 2023, but $140 million more than Q3 2022.
The report also highlights the decrease in Bitcoin fees for Q3 2023 compared to Q2 2023. Bitcoin fees slumped by over 71% in Q3, attributed to the introduction of BRC-20 Tokens and the Ordinals protocol, which provided a way to trade meme tokens on the network. However, gas fees on the Bitcoin network have more than doubled since Q3 2022, indicating sustained demand brought by the Ordinals protocol.
Furthermore, the report reveals an increase in the number of long-term BTC holders. The growth in long-term holders is comparable to a cycle seen in 2017, which eventually led to a massive price appreciation of the cryptocurrency in 2020. Analysts speculate that this increase in long-term holders will have significant consequences in 2024, potentially triggering a bull cycle that extends into 2025. They believe that with only around two million bitcoins left to be mined, the crypto community may be on the brink of a supply shock that will greatly impact Bitcoin’s value.
In conclusion, the Q3 2023 on-chain report by IntoTheBlock highlights the strong net inflows to addresses holding at least 0.1% of BTC’s supply, indicating a quietly bullish sentiment among holders. It also sheds light on the decrease in Bitcoin fees and the increase in long-term BTC holders, suggesting potential future effects on the cryptocurrency’s value. However, external factors such as SEC decisions on Bitcoin ETF applications could potentially test the patience of these holders..
#Addresses #Holding #BTC #Supply #Strong #Net #Inflows #Report
