Bitcoin Holders Staying Put Despite Turmoil
Bitcoin has continued to perform well, trading near $37,500, after a slight dip. A remarkable 70% of Bitcoin remains inactive, unmoved for a year, setting a new record. The trend reflects the resilience of Bitcoin holders who are hesitant to sell despite high prices and legal uncertainties.
DOJ Deal and Binance Turmoil
This past week, the Department of Justice (DOJ) reached a significant deal with the largest global exchange, Binance, resulting in a $4.3 billion fine for money transmission law and US sanctions violations. Following this development, Binance’s CEO, CZ, has been forced to step down, leading to a flurry of withdrawals. However, investors have shown little concern for Bitcoin.
The number of inactive Bitcoin supply for two, three, and five years has reached all-time highs, showcasing strong commitment from investors despite Bitcoin’s surge to $37,000 this year. Long-term investors, regardless of the doubled value, remain disinterested in selling.
Spot Bitcoin ETF and Capital Influx
An approval of a spot Bitcoin ETF is anticipated to usher in a significant wave of capital into the cryptocurrency, which has more than doubled in value this year.
Bitcoin Holdings Among CEXes
Despite legal turbulence, Binance remains at the top among major centralized exchanges, holding 515,361 BTC. Coinbase Pro follows closely with 441,254 BTC, while Bitfinex and OKX secure the third and fourth positions, respectively.
Hot Take: Bitcoin Holders Stand Strong
Despite significant legal issues and uncertainty, Bitcoin holders remain steadfast in their commitment, refusing to sell amid soaring prices and regulatory turmoil. The market’s resilience is evident in the numbers, with long-term investors holding onto their Bitcoins, unfazed by the potential for profit in this current climate.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.