- The total supply of bitcoin held by long-term holders continues to climb toward all-time highs.
- Many HODLers believe in BTC’s long-term potential.
Earlier this month, several addresses began closing positions after BTC crossed $30,000. However, some retail addresses remain HODL amid the uncertainty facing Bitcoin.
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HODLers are HODLers
The above observations were supported by Glassnode data. The data shows that the total supply of bitcoin held by long-term holders continues to climb toward all-time highs.
We can therefore conclude that a large number of HODLers are confident in the long-term potential of the asset.
Additionally, those who bought the FTX Dip have remained strong, with sales significantly lower in this group.
Source: Glassnode
Individual investors not only held bitcoins, but also bought large amounts of BTC.
According to Glassnode data, addresses falling into the shrimp (addresses under 1 BTC) and fish (addresses between 50 and 100 BTC) categories show bullish sentiment.
Interestingly, we found that these investors bought more BTC than the total amount of newly mined Bitcoin each month.
Source: Glassnode
This indicates that demand is outstripping supply. Now, this could be a bullish sign for Bitcoin.
Well, the bullish sentiment around BTC also eases the selling pressure on miners. This can be seen from the Blcockhain.com data, the bullish interest shown by retail investors, and the increase in miner earnings.
If this trend continues, the selling pressure on miners will be even lower, making a price correction unlikely in the near future.
Source: Blockchain
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Another reason for the increase in miner revenue is the growing interest in Bitcoin’s ordinances and inscriptions.
Inscriptions are a significant part of the network’s activity. Specifically, he accounts for about 30% to 40% of all transactions generated through mining, plus his 10% to 20% of fees paid.
However, the majority of transactions on the Bitcoin network are financial in nature and the majority of them are conducted through exchanges.
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Trading on exchanges is starting to decline. Consider this – activity on the exchange has dropped by 30% over the past few weeks.
Source: Dune Analytics
Source: ambcrypto.com
