Bitcoin HODLers Remain Confident in the Long-term Potential of BTC
The latest data from glassnode shows that the Total Supply of Bitcoin held by Long-Term Holders is continuing to rise towards new all-time highs, even after BTC crossed the $30,000 mark earlier this month. While many addresses have sold their positions in the face of uncertainty, a significant number of HODLers have remained confident in the digital asset’s potential.
Retail Investors Holding Strong
The glassnode data also indicates that retail investors are holding on tight, with minimal selling seen among this group. Furthermore, those who bought the FTX dips are holding tightly to their assets. Shrimp (addresses holding less than 1 BTC) and Fish (addresses holding between 50-100 BTC) are among the bullish investors observed buying more BTC than the total amount mined each month.
This high demand coupled with the already scarce supply of Bitcoin could be a bullish sign for the digital asset. Increased bullish sentiment around BTC also relieves selling pressure on miners, as indicated by the surge in miner revenue observed by Blockchain.com.
Inscriptions on the Wall