On September 26th acc glass nodea cryptanalysis company, BTC’s Coin Days Destroyed (CCD) metric was at an all-time low.
This statistic implied that despite the bearish movement of Bitcoinlongtime holders stayed in place and HODLing their stash.
Source: Glassnode
Clearly, longtime HODLers of Bitcoin have regained confidence in the king coin, and there’s a chance they anticipate a positive turn in the future.
Additionally, coins older than three months made up an all-time high of 86.3% of the total USD assets held by the BTC supply.
Source: Glassnode
There are also a few other factors pointing to increasing investor interest in HODLing Bitcoin.
As can be seen from the image below, the chart showed a decrease in the number of active addresses over the past few days. This indicated somewhat of a decrease in the number of transactions on the Bitcoin network.
Additionally, the coin’s declining speed indicated that bitcoin was moving less through different wallets.
Source: Santiment
Even though long-term owners of bitcoin seem optimistic about the coin’s future, there are some factors that investors need to consider before jumping into a trade.
Bitcoin’s MVRV ratio has been in the red for the past few weeks, further bearish move cannot be ruled out.
In addition, Bitcoin’s exchange outflow has decreased massively. It simply means that retail investor interest in buying BTC has plummeted.
Source: Santiment
Besides that, Bitcoin mining earnings are down 29.95% over the past seven days. And his average difficulty is up 13% over that Last month.
Well, at the time of writing, Bitcoin is trading at $18,783 after falling 1.37% in the past 24 hours. Whether Bitcoin HODLers will turn a profit in the coming quarter remains to be seen.
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