Bitcoin Holds the Title of Best Performer in 2023
Despite facing challenges in breaking new price levels, Bitcoin has been recognized as the top-performing asset class in 2023. However, there is hope for a bull run in the near future, particularly with the anticipated approval of a spot Bitcoin ETF by the SEC. As a result, many investors are holding onto their Bitcoin, as indicated by the record high of unmoved Bitcoin supply.
Unmoved Bitcoin Supply Reaches Record High
The industry is eagerly awaiting the approval of spot Bitcoin ETFs by the SEC, which is expected to trigger a bullish trend for Bitcoin’s price. Despite previous rejections, analysts believe it won’t be long before an ETF is accepted. Given Bitcoin’s dominance in the crypto market, a surge in its price will likely impact other cryptocurrencies as well. Consequently, investors are maintaining their holdings in anticipation of future price increases.
Recent data reveals that a staggering 94.8% of the total Bitcoin supply has remained stationary over the past month, marking an all-time high for this metric.
Time For Reversal?
Following its failure to surpass the $27,800 resistance level amidst escalating tensions in the Middle East, Bitcoin recently rebounded to $27,100. Nevertheless, it maintains its position as the best-performing investment asset this year with a year-to-date return of 63.3%, outperforming stocks and bonds.
The large amount of unmoved Bitcoin is viewed by some investors as a sign of strong confidence in the network and a long-term investment approach. Regardless of the reasons behind it, monitoring this metric can provide insights into holder sentiment and potential future price movements.
Hot Take: Paul Tudor Jones Advocates Buying Bitcoin
Billionaire hedge fund manager Paul Tudor Jones suggests that the current economic climate, including the possibility of a recession in the US, presents an excellent opportunity to invest in Bitcoin. His endorsement adds further weight to the bullish outlook for the cryptocurrency.
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