Bitcoin Supply Dormant for 7-10 Years Springs to Life
Bitcoin’s dormant supply, last active between seven and ten years, has recently surged to a one-month high. This increase comes alongside a rise in social volume and dormant supply, suggesting a potential shift in strategy or sentiment among long-term holders of Bitcoin. The increase in dormant supply may indicate investors holding onto their holdings in anticipation of future price movements or market developments.
Main Key Points:
– Bitcoin’s dormant supply last active in the seven to ten years has surged to 1.088 million, representing 5.6% of the total circulating supply.
– This notable increase follows a decline in May to July, despite a 27% increase in Bitcoin’s price.
– Recent data shows a discernible uptick in dormant supply, reaching its highest point in a month.
– The rise in social volume suggests increased interest and discussion surrounding cryptocurrency.
– Bitcoin is facing challenges in reclaiming and holding above the $30,000 psychological level.
Bitcoin continues to struggle to maintain higher price levels and establish a definitive direction. The current price action remains uncertain, with Bitcoin trading below the 50-day moving average but still above the 200-day moving average.
Hot Take: The recent surge in Bitcoin’s dormant supply and social volume represents a potentially significant shift in sentiment and strategy among long-term holders. However, the ongoing struggle to maintain higher price levels and the uncertainty in BTC’s current price action highlight the challenges that lie ahead.
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