Key Points:
- Long-term investors in Bitcoin have been increasing as the BTC supply on exchanges has significantly decreased.
- The number of suspected selling addresses on exchanges has dropped by 84% since May 2021 and 80% since October 2021, indicating a possibility of long-term accumulations.
- The amount of BTC supply on exchanges has fallen by over 30% since March 2020, suggesting a shift towards saving funds in the long run rather than selling for short-term profit.
- The current BTC price is around $30,700, with a 0.5% increase in the past 24 hours, and a trading volume of over $11 billion.
- The recent bull run in Bitcoin may be attributed to the anticipation of BTC exchange-traded fund (ETF) filings by major asset management companies.
Hot Take:
The decrease in BTC supply on exchanges and the rise of long-term investors indicate a positive trend in the Bitcoin market. With the anticipation of BTC ETF filings, the potential for further growth and adoption of Bitcoin is high. It is important for investors to consider the long-term potential of Bitcoin and make informed decisions based on market trends.
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