Bitcoin's Inactive Supply Peaks At All-Time High, But One Crypto Exchange Beats The Odds, Sees Inflow
Portfolio Pulse from Khyathi Dalal
Data from Glassnode indicates that Bitcoin (CRYPTO: BTC) holders are at an all-time low levels while the percentage of inactive Bitcoin supply is at all-time highs. Bitcoin analytics from CoinMarketCap showed an estimated 69% of addresses have held the crypto for more than a year. Bitcoin outflows from exchanges have declined from July 2021 levels with just over 2 million Bitcoin remaining on exchanges. Binance and Coinbase Pro reported outflows of 21,645 and 3,612 Bitcoin respectively in the past 30 days, while OKX saw a significant inflow of 4,630 Bitcoin in the same period. Bitcoin prices peaked at $27,000 this week, marking the highest transaction volume in almost two years.
September 20, 2023 | 7:19 pm
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POSITIVE IMPACT
Bitcoin's inactive supply is at an all-time high, indicating a trend of long-term holding. This, coupled with the recent price peak and high transaction volume, could suggest a bullish sentiment among investors.
The high level of inactive Bitcoin supply suggests that many investors are holding onto their Bitcoin for the long term, indicating a belief in its future value. The recent price peak and high transaction volume further support this bullish sentiment. As such, this could have a positive impact on Bitcoin's price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100