Bitcoin holders focused on holding their BTC could be the reason for a change in the cryptocurrency's narrative from bearish to bullish.
, pointed out in a reticent analysis that on-chain transfer volume on the BTC network noticeably decreased since the end of 2022. Surprisingly, during that period, the network witnessed growth.Source: CryptoQuant
A possible reason for this might be BTC’s price action. The king coin made multiple attempts to cross the $30,000 mark. Despite succeeding a couple of times over the last few weeks, the coin was unable to sit comfortably above the range.’s price action was not at par. It was also interesting to note that while HODLers kept their activity low, a significant influx of institutional investors was observed.
As per the analysis, in a situation where the supply is already constrained by HODL behavior and the impending halving, this flood could cause a demand shock.While HODLers’ activity remained low, the same can’t be said for Bitcoin whales. Grizzly, another analyst at CryptoQuant, mentioned in a recent
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin: Why HODLing is no longer the norm for long-term BTC investorsThe sharp drop in unmoved supply suggested that long-term holders were liquidating their BTC holdings, signaling a shift away from HODLing.
Read more »
Bitcoin Quantum (BTCQ): A deflationary spin on Bitcoin’s core functionalityDigital currencies have spearheaded an era of financial revolution. And leading the charge? Bitcoin is […]
Read more »
XRP bulls can bid at this level as weak BTC forces retracementThe 50% Fib retracement level has stopped two recent price pullbacks, allowing bulls to front a rebound. Will the trend repeat?
Read more »
Polygon reverses July gains, what’s next?Will Polygon bulls manage to defend the 50% Fibonacci support level amidst a weak BTC?
Read more »
Bitcoin July 31 daily chart alert - Gentle price downtrend in place
Read more »
The elusive Bitcoin $30,000 price range could be down to this metricBitcoin's pursuit of $30,000 remains elusive amid fluctuating daily active addresses. A price rollercoaster with resistance yet steady exchange flow holds intriguing market cues.
Read more »