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Home»Bitcoin»Want to grab Bitcoin for the next bull run? You must read this
Bitcoin

Want to grab Bitcoin for the next bull run? You must read this

2023-07-16No Comments2 Mins Read
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  • Bitcoin’s trade balance was only 11.5% of the total supply in circulation.
  • Dormant supply reached new highs with different age groups indicating increased HODLing activity.

From Bitcoin[BTC] the liquidity supply sank to new depths, worrying investors who wanted to get their hands on the king coin. As of July 15, the supply of BTC on trading platforms fell to a 5-year low, according to data from blockchain analytics firm Glassnode.

📉 #Bitcoin $BTC Balance on exchanges just reached a 5-year low of 2,250,825,538 BTC

View statistics:https://t.co/9vOOAmwh32 pic.twitter.com/3CHoAvtyQY

— glassnode alerts (@glassnodealerts) July 15, 2023


Is your wallet green? Check out the Bitcoin Profit Calculator


Long-term investors stay away

About 2.5 million BTC coins were present on centralized exchanges, representing only 11.5% of the total circulating supply. From the peaks of March 2020, stock market supply has gradually declined, marking a decisive shift in sentiment from trading to HODLing.

Long-term holders of Bitcoin have shown less willingness to sell, even as prices have recovered in 2023. According to data from CoinMarketCapBTC has nearly doubled from the November 2022 lows to the time of writing.

Despite this, diamond hands have refused to let go of their BTC holdings. Dormant supply has reached new highs, with different age groups pointing to increased HODLing activity.

Source: Glassnode

A major reason behind this trend could be that most of these investors bought the coins prior to the 2022 bear market, in which BTC prices reached new peaks. Compared to then, BTC has not recovered significantly. It is possible that this has led these seasoned traders to wait for the market to regain bull momentum.

See also  Bitcoin's Bullish Wave: Analysis of Network Costs, Price Trends, and More

Bullish in the long run?

With the important halving event as it is less than a year away, investors are drawn to BTC’s bullish possibilities and look for opportunities to grab the king coin.

However, as the amount of BTC available for purchase continues to decline, these prospective buyers may have to pay significantly higher prices to convince long-term holders to sell their holdings.

Source: Glassnode


Read Bitcoin [BTC] Price Forecast 2023-24


Bitcoin has been stuck in the $30,000-$31,000 range for several weeks, dampening the buoyancy following last month’s rally. However, market sentiment appeared to be in a state of “greed,” according to the latest reading of the Bitcoin Fear and Greed Index.



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