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Friday, July 1, 2022

Bitcoin Bulls Hold Strong Despite Price Rise

Glassnode, an on-chain analytics provider, has reported that the long-term holders of Bitcoin have been refusing to sell even though the asset is flying high. In its 11th October report called ‘Week on Chain’, Glassnode mentioned that the long-term holders have been sitting steady on around 13.3 million BTC, or around 70% of the entire supply of the cryptocurrency. This comes at the same time as the fact that the wallets of BTC haven’t really been seeing major outflows for over 155 days. 

Bitcoin Coming Through A Major Price Rise

The report from Glassnode further reported that the long-term holders have gone ahead and increased their cumulative stash by around 2.37 million BTC over the last seven months. With close to 186,000 BTC being minted by miners newly during the same period of time, the provider of analytics has concluded that the long-term whales have been accumulating over 12.7 times more Bitcoin than is created as a new supply.

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On the 12th of October, Glassnode further reported that Bitcoin has been balancing on centralized exchanges which had previously fallen to a three-year low of 2.4 million BTC, which further states that many investors have been choosing to hold it for higher prices. Most of the observers in the industry have also suggested that whales could be at the forefront of the BTC markets with its anticipation of a BTC ETF approval the current month. 

The report stated that there was a massive increase in the size of the median transaction to roughly 1.3 BTC per transfer, which suggested an increase in the institutional-sized capital flows which took place on-chain. During August, the size of the media transaction fell to a low of 0.6 BTC per transfer. The previous week saw the network of Bitcoin registering its higher ever settlement value.  

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