The number of "hodlers" of bitcoin (BTC) broke a new record
Date: 2023-06-27 Author: Karina Ziganova Categories: BLOCKCHAIN
Moreover, the supply of bitcoin, which has not moved for at least a year, is increasing every day. Industry analyst Will Clemente drew attention to this with reference to the Glassnode chart. He also noted that at the moment there are more than 1 million addresses that store at least 1 BTC.
More and more investors prefer to "hodl" BTC
Clemente's observations were confirmed by another on-chain analyst. supply of bitcoin available for trading has decreased significantly since the 2020 halving. This confirms the trend towards the accumulation and transition to self-storage of coins and should have a positive impact on the price dynamics of the asset.
Glassnode analysts, in turn, said that the recent movement of BTC from $25,000 to $30,000 led to the fact that another 1.8 million short-term holders were in profit. Thus, the percentage of short-term supply in profit is 97% - about 2.6 million BTC.
What happens to the price of bitcoin
Last week, the price of bitcoin soared to a new one-year high and crossed the $31,000 mark. The impressive growth was facilitated by the filing of an application for a spot ETF by investment giant BlackRock and several other companies, which signaled a renewed interest of institutional investors in cryptocurrency.
However, there is still considerable resistance at this level. If it is not broken, the price of BTC may form a double top pattern, which will lead to another retreat to support and further consolidation.
