bitcoin has been named the best performer among asset classes in 2023, but the cryptocurrency is still struggling to break new levels in its price. Despite the current bearish sentiment, many analysts have hinted and predicted a bullfight in the coming months, especially as the market awaits the approval of a bitcoin Spot ETF.
This has likely led many investors to hold on to their coins, as on-chain metrics have shown that the amount of idle bitcoin supply recently hit a new all-time high.
Immobile bitcoin Supply Hits Record Level
The industry hopes that the SEC’s approval of spot bitcoin ETFs will trigger the next bitcoin price bull run. Although he The SEC has so far rejected A series of bitcoin ETF applications, many analysts believe. bitcoin-etf-3-6-months-until-approval/” rel=”nofollow”>it won’t take long until one is accepted.
Considering bitcoin‘s dominance across the entire cryptocurrency market capitalization, an increase in bitcoin‘s price is expected to flow to all other cryptocurrencies. As a result, investors have been bitcoin-etf/” rel=”nofollow”>maintaining your possessions awaiting a future price increase.
Recent data has shown that 94.8% of the total bitcoin supply has not moved in the last month, indicating a new all-time high for the metric.
ONLY IN: 94.8% of bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin supply has not moved in the last month, a NEW ALL-TIME HIGH pic.twitter.com/bNa4MdFbKW
– bitcoin Magazine (@BitcoinMagazine) October 10, 2023
Similarly, a recent post by on-chain intelligence platform Glassnode alerts revealed that the amount of HODLed or lost bitcoin reached a 5-year high of 7,906,288.227 btc.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin $btc The amount of HODLed or Lost Coins just hit a 5-year high of 7,906,288.227 btc
See metric:https://t.co/dJK8rxBVD3 pic.twitter.com/6OxLnd611f
— glassnode alerts (@glassnodealerts) October 6, 2023
The overall net flow of bitcoin to exchanges has decreased by 862.42 btc ($23.27 million) in the last 24 hours, according to btc/deep-dive?group=ownership&chart=timeHeld” rel=”nofollow”>chart information provided by IntoTheBlock. While this is relatively small compared to bitcoin‘s market cap, it shows that investor sentiment could be shifting towards bullish sentiment.
<img decoding="async" class="alignnone size-medium wp-image-554976 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-supply-metric.png?w=460&resize=460%2C209″ alt=”bitcoin Supply Metric” width=”460″ height=”209″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-supply-metric.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-supply-metric.png?w=460&resize=460%2C209 460w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
Source: IntoTheBlock
Is it time to turn back?
bitcoin price just rebounded to $27,100 after failing to gain traction above the $27,800 resistance in the Amid escalation between Israel and Hamas Tensions in the Middle East. Despite this, btc remains the Best performing investment asset this yearoutperforming stocks and bonds with its year-to-date (YTD) return of 63.3%.
Some investors see bitcoin unmoved as a sign of strong faith in the network and adoption of a long-term mindset. Whatever the reason, bitcoin‘s steady supply metric is worth watching as an indicator of holder sentiment and potential future price pressure.
Recent events, particularly the stress of an impending recession in the United States, have led billionaire hedge fund manager Paul Tudor Jones to claim that this is the The best time to buy bitcoin.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bitcoin-Supply-Metric-Hits-New-All-Time-High-Time-to-Reverse" alt="Tradingview.com bitcoin Price Chart (Immovable Supply)” width=”2804″ height=”1746″ loading=”lazy”/>
btc still holding above $27,000 | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
