Long-Term Bitcoin Holders Remain Bullish Despite Market Excitement
Despite recent market excitement that briefly saw Bitcoin touch the $35,000 mark, long-term holders of the cryptocurrency remain steadfast in their investment. According to a recent report by Bitfinex Alpha, Bitcoin’s price has surged by over 110% this year, but long-term holders are holding strong, indicating a deep-seated belief in its value proposition and future potential.
The Coin Days Destroyed (CDD) metric shows that market excitement hasn’t swayed long-term holders, as it measures economic activity in the Bitcoin network beyond transaction volumes. The report also notes low sell-side liquidity and a lack of selling from wallets corresponding to large Bitcoin holders, suggesting that whales believe there is more upside potential.
Potential Bullish Sentiment Among Long-Term Holders
Additionally, the Spent Output Value Bands (SOVB) metric indicates that wallets with 1,000-10,000 BTC are mostly inactive, further showing their commitment to holding onto their BTC. This behavior is associated with the early phases of bull markets. The report also suggests that holders with 10-100 BTC may be exerting selling pressure.
Hot Take: Bitcoin’s Performance as a Year-End Indicator
Markus Thielen, head of research and strategy at Matrixport, recently conveyed to clients that Bitcoin’s performance this year could be a reliable indicator of its year-end position. This implies that despite recent market movements, long-term holders continue to remain bullish on Bitcoin’s future potential.
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