Thursday, July 25, 2024

Consistent crypto enthusiasts are acquiring Bitcoin (BTC) at an impressive rate of 50,000 coins each month, equivalent to $1.35 billion, as detailed in the most recent onchain analysis by the blockchain analytics organization, Glassnode. This increasing demand is observed at a time when the larger digital currency sector showcases notable inactivity, both onchain and on trading platforms.

Enduring Bitcoin Investors Fortify Their Position Amidst Inactive Market

Throughout this year, Bitcoin’s valuation has seen significant variations. However, the segment of enduring investors, colloquially termed as “hodlers”, remains steadfast, as indicated by Glassnode’s recent study. According to the Hodler Net Position Change metric of Glassnode, such investors, especially those who have retained coins for a minimum duration of 155 days, are consistently extracting more than 50,000 BTC from trading platforms monthly. This statistic underscores the reduced availability and the reluctance of veteran investors to partake in transactions given the prevailing market dynamics.

Glassnode has emphasized that the market has been characterized by diminishing and shrinking liquidity, drawing parallels to the bearish phases of 2014-15 and 2018-19, which have now extended for 535 days. The monetary value of onchain transfers and the fresh capital inflow into the Bitcoin network have plummeted to levels not observed in several years. Trading platform activities also reflect a widespread lack of enthusiasm among investors, with the 30-day average trading volume currently hovering around $1.5 billion, marking a sharp 75.5% decrease from its record peak of $6 billion in May 2021.

As per Glassnode’s research team:

The amount of profit and loss realized by coins dispatched to exchange addresses has undergone a comprehensive purge from the cycle of 2021-22, with both these parameters touching their

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