As Bitcoin's price soared from an impressive $26,846 to a head-turning $37,964, investors clung tightly to their digital treasureโrevealing a gripping trend in the hodling behavior. Data indicates a subtle yet significant shift, with long-term Bitcoin holders now gripping tighter, betting big on the coin's future. But amidst this marathon mentality, short-term supply saw a striking 22.7% tumble. Does this signal a maturation of the market or a mere momentary pullback from trade activity? Delve into the Alpha content, where the full picture awaits, including what a substantial movement in three-year-old Bitcoin could mean for the market's direction.
Analyzing Bitcoin’s supply trends as surge in long-term Bitcoin holdings points to investor confidence Analyzing Bitcoin’s supply trends as surge in long-term Bitcoin holdings points to investor confidence
Supply shift reveals Bitcoin moving from short-term trades to long-term holds.
3 min read
Updated: Nov. 16, 2023 at 2:23 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.