- Bitcoin’s Total Supply held by Long-Term Holders continued to push toward new all-time highs.
- A significant number of HODLers remained confident in the BTC’s long-term potential.
Earlier this month, after BTC crossed the $30,000 mark, many addresses started to exit their positions. However, a few retail addresses continued to HODL through the uncertainty that Bitcoin was facing.
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HODLers gonna HODL
The above observation was indicated by glassnode’s data, which showcased that Bitcoin’s Total Supply held by Long-Term Holders continued to push toward new all-time highs.
It can be concluded, therefore, that a significant number of HODLers remained confident in the asset’s long-term potential.
Additionally, those who bought the FTX dips are holding on tight, with remarkably little selling seen among this group.
Source: glassnode
Not only were retail investors observed to be holding on to their Bitcoin, but they were also buying up a large amount of BTC.
According to glassnode’s data, addresses falling under the category of Shrimp (addresses holding <1 BTC) and Fish (addresses holding between 50-100 BTC) showcased their bullish sentiment.
Interestingly, these investors were observed to be purchasing more BTC as compared to the total amount of new Bitcoin mined each month.
Source: glassnode
It indicated the demand was getting higher than the supply. Now, this could be a bullish sign for Bitcoin.
Well, the bullish sentiment around BTC would also relieve the selling pressure on the miners. It can be observed from Blcockhain.com’s data, the miners’ revenue has surged along with the bullish interest shown by retail investors.
If this trend continues, the selling pressure on the miners would reduce further, thereby diminishing the chances of a price correction in the near future.
Source: Blockchain
Inscriptions on the wall
Another reason for the increase in miner revenue was the rising interest in Bitcoin Ordinals and Inscriptions.
Inscriptions, account for a significant portion of the network’s activity. Specifically, they represent approximately 30% to 40% of all transactions that are generated through mining, as well as 10% to 20% of fees paid.
However, the majority of transactions on the Bitcoin network are monetary in nature, with a significant portion of these being carried out via exchanges.
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The transactions occurring on exchanges have started to decline. Consider this- over the last few weeks activity on exchanges declined by 30%.
Source: Dune Analytics
