Despite the low volatility that has been developing the price action of most of the major cryptocurrencies by market capitalization, however, in the last 24 hours the price of bitcoin has been moving with rapid pullbacks and recoveries with an estimated 1.5%.
Now according to information released by Kyle White, bitcoin's long-term holder supply reaches an all-time high, indicating that bitcoin's recent rally to a 2023 high is supported by on-chain data and investor sentiment.
According to White, "Data from Glassnode suggests that Bitcoin is in an accumulation pattern with its available supply reaching a new all-time low. According to the report, Bitcoin's illiquid supply and long-term holder pool are increasing."
He also highlighted that "Bitcoin's accumulation among most investor groups and the bullish conviction of long-term holders equates to investors purchasing "92% of new mined supply" according to Glassnode's analysis."
In this regard, one of the arguments that has the most overlap with some optimistic positions is that "Growing confidence in bitcoin amid ever-tightening supply is not just limited to smaller entities. Nearly all cohorts of entities are increasing their bitcoin holdings so far this year, an action that is well illustrated in the following chart"
SOURCES CONSULTED
Cointelegraph. Bitcoin supply held by long-term holders hits all-time high — Research. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
