- The total supply of Bitcoin held by long-term holders continued to climb to new all-time highs.
- A significant number of HODLers remained confident in BTC’s long-term potential.
Earlier this month, after BTC crossed the $30,000 mark, many addresses began to exit their positions. However, a few retail addresses remained HODL due to the uncertainty facing Bitcoin.
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HODLers go HODL
The above observation was indicated by glassnode’s data, which showed that the total supply of Bitcoin held by long-term holders continued to rise to new all-time highs.
It can therefore be concluded that a significant number of HODLers remained confident in the asset’s long-term potential.
In addition, those who bought the FTX dips are holding on tight, with remarkably few sales among this group.
Source: glasnode
Not only were retail investors observed holding their Bitcoin, but they also bought up a large amount of BTC.
According to glassnode’s data, addresses falling under the category of Shrimp (addresses with <1 BTC) and Fish (addresses with between 50-100 BTC) showed their bullish sentiment.
Interestingly, these investors were observed to buy more BTC compared to the total amount of new Bitcoin mined each month.
Source: glasnode
It indicated that demand was outstripping supply. This could be a bullish sign for Bitcoin.
Well, the bullish sentiment around BTC would also ease the selling pressure on the miners. The data from Blcockhain.com shows that miners’ earnings have skyrocketed along with rising interest from private investors.
If this trend continues, the selling pressure on the miners would further ease, reducing the likelihood of a price correction in the near future.
Source: Blockchain
Inscriptions on the wall
Another reason for the increase in miner earnings was the increasing interest in Bitcoin Ordinals and Inscriptions.
Inscriptions account for a significant portion of the network’s activity. Specifically, they represent about 30% to 40% of all transactions generated by mining, as well as 10% to 20% of fees paid.
However, most of the transactions on the Bitcoin network are monetary in nature, and a significant portion of these are conducted through exchanges.
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The transactions that take place on exchanges are starting to decrease. Consider this – over the past few weeks, activity in exchanges has dropped 30%.
Source: Dune analysis