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Friday, October 2, 2020

LONG-TERM INVESTORS CONTROL 63% OF THE TOTAL BITCOIN SUPPLY



   When viewed from the action in the short term, Bitcoin is still moving sideways, aka sideways for the last few weeks. The price range hasn't been able to break the $ 12,000 mark and is still hovering between $ 10,200 and $ 11,200.


The trading volume of this largest cryptocurrency also shows no signs of increasing soon. Many traders are still waiting for an even clearer Bitcoin move to re-enter the market.

One of the fundamental trends is showing bullish signs seen in the macro outlook of BTC. a large percentage of the total crypto supply is controlled by long-term investors.

This trend shows a small group of active investors and traders driving volatility recently, while the basic supply of this cryptocurrency hasn't moved yet.

Bitcoin Price Is Still Stagnant


At the time of writing, Bitcoin trading is still moving sideways with a range of $ 10,600 and $ 10,800. It is still unclear the prospects for Bitcoin in the near future.

On the other hand, the consolidation at this level is still above the resistance level. That is, Bitcoin still tends to be bullish.

Long-term Investors Controlled Much of the Bitcoin Supply


Reporting from Glassnode's analysis data, around 63.3% of the total BTC supply is still in the hands of hodlers and has not moved for more than a year. In fact, another 31.4% of the total supply has not moved for more than 3 years.

“Percent of Bitcoin supply hasn't moved in… 1+ years: 63.3% (11.7 million BTC); 2+ years: 44.5% (8.2 million BTC); 3+ years: 31.4% (5.8 million BTC). "


  The current trend for Bitcoin is still showing a bullish sign. This is related to most investors taking a long-term approach.

 

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