{"id":554974,"date":"2023-10-11T19:30:16","date_gmt":"2023-10-11T19:30:16","guid":{"rendered":"https:\/\/wncen.com\/?p=554974"},"modified":"2024-06-11T08:35:40","modified_gmt":"2024-06-11T08:35:40","slug":"bitcoin-supply-metric-ath","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-supply-metric-ath\/","title":{"rendered":"Bitcoin Supply Metric Touches New All-Time High, Time For Reversal?"},"content":{"rendered":"

Bitcoin has been named the best performer among asset classes in 2023, but the cryptocurrency is still struggling to break new levels in its price. Despite the current bearish sentiment, many analysts have hinted and <\/span>predicted a bull run<\/span><\/a> in the coming months, especially as the market awaits the approval of a <\/span>spot Bitcoin ETF<\/span><\/a>.\u00a0<\/span><\/p>\n

This has probably prompted many investors to hold on to their coins, as on-chain metrics have shown that the amount of Bitcoin supply idling recently reached a new all-time high.\u00a0<\/span><\/p>\n

Unmoved Bitcoin Supply Reaches Record High<\/h2>\n

The industry expects the SEC’s approval of spot Bitcoin ETFs to ignite the next bullish run for the price of Bitcoin. Although the <\/span>SEC has so far rejected<\/span><\/a> a number of requests for Bitcoin ETFs, many analysts believe <\/span>it will not be long<\/span><\/a> until one is accepted.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Puts Litecoin Price At $84, Here\u2019s The Timeline<\/a><\/div>\n

Considering Bitcoin’s dominance of the entire crypto market capitalization, a spike in Bitcoin’s price is expected to flow into all other cryptocurrencies. As a result, investors have been <\/span>keeping their holdings<\/span><\/a> in expectation of a future price increase.\u00a0<\/span><\/p>\n

Recent data has shown that 94.8% of the total Bitcoin supply has not moved in the past month, indicating a new all-time high for the metric.\u00a0<\/span><\/p>\n

\n

JUST IN: 94.8% of the #Bitcoin<\/a> supply has not moved in the past month, a NEW ALL TIME HIGH \ud83d\ude80 pic.twitter.com\/bNa4MdFbKW<\/a><\/p>\n

\u2014 Bitcoin Magazine (@BitcoinMagazine) October 10, 2023<\/a><\/p><\/blockquote>\n

Similarly, a recent post by on-chain intelligence platform Glassnode alerts revealed that the amount of HODLed or lost Bitcoin reached a 5-year high of 7,906,288.227 BTC.<\/span><\/p>\n

\n

\ud83d\udcc8 #Bitcoin<\/a> $BTC<\/a> Amount of HODLed or Lost Coins just reached a 5-year high of 7,906,288.227 BTC<\/p>\n

View metric:https:\/\/t.co\/dJK8rxBVD3<\/a> pic.twitter.com\/6OxLnd611f<\/a><\/p>\n

\u2014 glassnode alerts (@glassnodealerts) October 6, 2023<\/a><\/p><\/blockquote>\n

The overall Bitcoin net flow into exchanges has decreased by 862.42 BTC ($23.27 million) in the past 24 hours, according to <\/span>chart insights<\/span><\/a> provided by IntoTheBlock. While this is relatively small compared to Bitcoin’s market cap, it shows investor mood might be changing into a bullish sentiment.<\/span><\/p>\n

\"Bitcoin<\/p>\n

Source: IntoTheBlock<\/pre>\n
Time For Reversal?<\/h2>\n
Bitcoin’s price just rebounded up to $27,100 after failing to gain traction above the $27,800 resistance in the <\/span>midst of escalating Israel-Hamas<\/span><\/a> tensions in the Middle East. Despite this, BTC still remains the <\/span>best-performing investment asset this year<\/span><\/a>, outperforming stocks and bonds with its year-to-date (YTD) return of 63.3%.\u00a0\u00a0<\/span><\/p>\n
Related Reading: Crypto Analyst Identifies 6 Overlooked Altcoins That Could Be Due For A Price Surge<\/a><\/div>\n
Some investors view unmoved Bitcoin<\/span><\/a> as a sign of solid faith in the network and adoption of a long-term mindset. Whatever the reason, Bitcoin’s unmoved supply metric is worth watching as an indicator of holder sentiment and potential future price pressure.\u00a0<\/span><\/p>\n
Recent happenings, particularly the tension of an oncoming recession in the US, have prompted billionaire hedge fund manager Paul Tudor Jones to assert that this is the <\/span>best time to buy Bitcoin.\u00a0<\/span><\/a><\/p>\n
\"Bitcoin<\/p>\n
BTC still holding above $27,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Shutterstock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has been named the best performer among asset classes in 2023, but the cryptocurrency is still struggling to break new levels in its price. Despite the current bearish sentiment, many analysts have hinted and predicted a bull run in the coming months, especially as the market awaits the approval of a spot Bitcoin ETF.\u00a0 This has probably prompted many investors to hold on to their coins, as on-chain metrics have shown that the amount of Bitcoin supply idling recently reached a new all-time high.\u00a0 Unmoved Bitcoin Supply Reaches Record High The industry expects the SEC’s approval of spot Bitcoin ETFs to ignite the next bullish run for the price of Bitcoin. Although the SEC has so far rejected a number of requests for Bitcoin ETFs, many analysts believe it will not be long until one is accepted.\u00a0 Related Reading: Crypto Analyst Puts Litecoin Price At $84, Here\u2019s The Timeline Considering Bitcoin’s dominance of the entire crypto market capitalization, a spike in Bitcoin’s price is expected to flow into all other cryptocurrencies. As a result, investors have been keeping their holdings in expectation of a future price increase.\u00a0 Recent data has shown that 94.8% of the total Bitcoin supply has not moved in the past month, indicating a new all-time high for the metric.\u00a0 JUST IN: 94.8% of the #Bitcoin supply has not moved in the past month, a NEW ALL TIME HIGH \ud83d\ude80 pic.twitter.com\/bNa4MdFbKW \u2014 Bitcoin Magazine (@BitcoinMagazine) October 10, 2023 Similarly, a recent post by on-chain intelligence platform Glassnode alerts revealed that the amount of HODLed or lost Bitcoin reached a 5-year high of 7,906,288.227 BTC. \ud83d\udcc8 #Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 5-year high of 7,906,288.227 BTC View metric:https:\/\/t.co\/dJK8rxBVD3 pic.twitter.com\/6OxLnd611f \u2014 glassnode alerts (@glassnodealerts) October 6, 2023 The overall Bitcoin net flow into exchanges has decreased by 862.42 BTC ($23.27 million) in the past 24 hours, according to chart insights provided by IntoTheBlock. While this is relatively small compared to Bitcoin’s market cap, it shows investor mood might be changing into a bullish sentiment. Source: IntoTheBlock Time For Reversal? Bitcoin’s price just rebounded up to $27,100 after failing to gain traction above the $27,800 resistance in the midst of escalating Israel-Hamas tensions in the Middle East. Despite this, BTC still remains the best-performing investment asset this year, outperforming stocks and bonds with its year-to-date (YTD) return of 63.3%.\u00a0\u00a0 Related Reading: Crypto Analyst Identifies 6 Overlooked Altcoins That Could Be Due For A Price Surge Some investors view unmoved Bitcoin as a sign of solid faith in the network and adoption of a long-term mindset. Whatever the reason, Bitcoin’s unmoved supply metric is worth watching as an indicator of holder sentiment and potential future price pressure.\u00a0 Recent happenings, particularly the tension of an oncoming recession in the US, have prompted billionaire hedge fund manager Paul Tudor Jones to assert that this is the best time to buy Bitcoin.\u00a0 BTC still holding above $27,000 | Source: BTCUSD on Tradingview.com Featured image from Shutterstock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":554996,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,12210,89185,1144,78790],"class_list":["post-554974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-supply","tag-btc-news","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Supply Metric Touches New All-Time High, Time For Reversal?<\/title>\n<meta name=\"description\" content=\"Bitcoin has been named the best performer among asset classes in 2023, but the cryptocurrency is still struggling to break new levels.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Supply Metric Touches New All-Time High, Time For Reversal?","url":"http:\/\/wncen.com\/news\/bitcoin-supply-metric-ath\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-supply-metric-ath\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1922248997-Small.jpeg?resize=200%2C180","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1922248997-Small.jpeg?fit=320%2C180"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin supply","btc news","btcusd","btcusdt"],"dateCreated":"2023-10-11T19:30:16Z","datePublished":"2023-10-11T19:30:16Z","dateModified":"2024-06-11T08:35:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Supply Metric Touches New All-Time High, Time For Reversal?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-supply-metric-ath\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-supply-metric-ath\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1922248997-Small.jpeg?resize=200%2C180\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1922248997-Small.jpeg?fit=320%2C180\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin supply\",\"btc news\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-10-11T19:30:16Z\",\"datePublished\":\"2023-10-11T19:30:16Z\",\"dateModified\":\"2024-06-11T08:35:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1922248997-Small.jpeg?fit=320%2C180","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554974"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=554974"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554974\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/554996"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=554974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=554974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=554974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}