- BTC was up by more than 10% in just the last 24 hours.
- Metrics showed that investors continued to accumulate more BTC.
Bitcoin [BTC], being the top crypto, has been leading the latest bull rally by registering the highest gains among the top cryptos. It was interesting to note that even before the recent bull rally, long-term investors had immense confidence in BTC.
Many first-generation blockchains, such as Bitcoin, use UTXOs to account for users’ funds. Based on the UTXOs, we can see how long holders hold on to their funds before spending them.
Learn More🔗 https://t.co/TqseTKshEu pic.twitter.com/FIextpBl4F— IntoTheBlock (@intotheblock) October 23, 2023
Read Bitcoin’s [BTC] Price Prediction 2023-24
This was evident from the latest data, which showed that the percentage of supply held for more than five years has been on the rise for multiple years.
Bitcoin long-term holders’ confidence is paying off
Long-term investors’ confidence in BTC was further proven by Satoshi Club’s tweet, which revealed an intriguing development. As per the data provided by IntoTheBlock, 80% of Bitcoin was owned by long-term investors, which reached new highs in October.
📈 80% of Bitcoin is owned by long-term investors, reaching new highs in October.
⛏️ The upcoming #Bitcoin halving will further reduce inflation, making $BTC even more scarce, according to @intotheblock. pic.twitter.com/Gvf2wE1wwB
— Satoshi Club (@esatoshiclub) October 23, 2023
A possible reason for this increased holding could be the upcoming halving in 2024. This seems to be the case as, post-halving, BTC will become scarcer as fewer coins will be produced.
In addition, long-term holders’ confidence in the king coin was finally paying off, as BTC rallied substantially over the last few days.
Notably, over the last 24 hours, BTC’s price spiked by more than 10%. At the time of writing, it was trading at $33,737.90 with a market capitalization of over $659 billion. As per metrics, investors still continued to stockpile more BTC as its exchange reserve was declining.
As per CryptoQuant, investors in the derivatives market were also following a similar trend of accumulation, which was evident from its green Funding Rate and Taker Buy-Sell Ratio.
Source: CryptoQuant
Thanks to the price uptick, sentiment around BTC has also turned in the buyers’ favor. LunarCrush’s data clearly revealed that BTC’s social engagement spiked by over 144% in just the last 24 hours. Bullish sentiment around the coin also went up by 40%.
Another bullish metric was BTC’s Altrank, which improved over the last day.
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Miners are also in a promising state
Like LTHs, miners were also enjoying profits in recent days, which was quite evident from Glassnode’s data.
A look at the chart revealed that miners’ balance shot up last week. However, it must also be noted that during the last 24 hours, when BTC’s price pumped further, miners’ balances registered a drop. This meant that miners had started to sell their assets at a profit.
Source: Glassnode