In palpable suspense, the crypto industry holds its breath, eagerly awaiting Bitcoin price moves. Despite a recent drop that affected the entire market, BTC holders are persevering in their accumulation. Currently, only a fraction of 5.8% of bitcoins are available in the markets.
Bitcoin investors: Long-term serenity despite the obstacles
Investors’ outlook on Bitcoin is firmly on the long term, and optimism remains robust despite the recent setback that rocked the crypto market. This confidence is showing across the board, even on the side of analysts who continue to predict a rise in BTC.
Many investors are bolstering their reserves by accumulating more BTC, thereby creating a lull in the market, reducing volatility to historic lows.
A telling example comes from the data of the analyst of K33 last July, which revealed that Bitcoin’s volatility now aligns with that of the S&P 500, tech stocks, and even gold.
There is little doubt that most traders have momentarily put Bitcoin aside. According to the latest data from Statment, a blockchain analytics company, only 5.8% of Bitcoin is currently in circulation on exchanges. This figure is officially the lowest level reached by the crypto with the highest market capitalization since December 17, 2017.
Crypto Whales are hoarding galore
On the front of addresses holding large amounts of Bitcoin (the whales), an intriguing observation emerges: a significant uptick in the number of addresses holding more than 1,000 BTC.
According to Statment, an average of 57.4K trades per week are currently executed by large holders, the “whales”. This trend clearly indicates that the majority of Bitcoin holders prefer to keep their assets, thus adopting a hodling posture by avoiding exposing their holdings on exchanges.
The data provided in July by CryptoQuant indicate a steady reduction in BTC reserves on exchanges over the months. Currently, these reserves are estimated at around 2 million BTC, reflecting a 20% decline over the past year.
In shortDespite the current decline of Bitcoin, its appeal remains undeniable. Several positive signs confirm this, including the growing interest of financial giants in Bitcoin ETFs and the approach of the Halving, an event historically triggering a Bull Run. However, it should be remembered that these considerations are above all speculative.
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