Diamond Hands: Bitcoin’s Long-Term Believers Remain Resolute Despite Recent Tumult
The Bitfinex Alpha report analyzes Bitcoin’s supply dynamics and highlights key findings that indicate the resilience of long-term believers in the cryptocurrency.
- The one-year inactive supply of Bitcoin closely mirrors its price changes, potentially acting as a volatility gauge.
- Before the recent price drop, the one-year inactive supply decreased, signaling the impending drop.
- Bitcoin’s metric for supply inactive for more than three years continues to rise, indicating long-term holders’ commitment.
- Long-term holders have been consistently accumulating more coins since March 2023, suggesting optimism and resistance to market fluctuations.
- Bitcoin miners continue to work, pushing the network difficulty to a record high and increasing the hash rate by 60% since January.
Despite subdued volatility measures, underlying metrics reveal a diverse set of actions ready to influence Bitcoin’s next phase. Long-term holders who acquired their positions during the bear market may feel unsettled, but remain resilient with their stack.
Hot Take
The Bitfinex Alpha report demonstrates the unwavering faith of long-term Bitcoin believers, as they accumulate more coins and remain resilient despite market fluctuations. The rise in long-term inactive supply and the increasing hash rate indicate the strong foundation of the cryptocurrency. While challenges may arise, Bitcoin’s fundamentals suggest a promising future for those with diamond hands.
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