- BTC is up over 10% in the last 24 hours.
- Statistics showed that investors continued to accumulate more BTC.
Bitcoin [BTC], which is the top crypto, has led the latest bull rally by recording the highest gains among the top cryptos. It was interesting to note that long-term investors had tremendous confidence in BTC even before the recent bull rally.
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 their money before spending it.
More information???? https://t.co/TqseTKshEu pic.twitter.com/FIextpBl4F— IntoTheBlock (@intotheblock) October 23, 2023
Read Bitcoins [BTC] Price prediction 2023-24
This was evident from the latest data, which showed that the percentage of supply that has been in stock for more than five years has been increasing for several years.
Bitcoin holders’ long-term confidence is paying off
Long-term investors’ confidence in BTC was further proven by Satoshi Club’s tweet, which revealed an intriguing development. According to IntoTheBlock data, 80% of Bitcoin was owned by long-term investors, reaching new highs in October.
???? 80% of Bitcoin is owned by long-term investors and reached new highs in October.
⛏️The next one #Bitcoin Halving will further reduce inflation $BTC even scarcer, thus @intotheblock. pic.twitter.com/Gvf2wE1wwB
— Satoshi Club (@esatoshiclub) October 23, 2023
A possible reason for this increased ownership could be the upcoming halving in 2024. This appears to be the case as BTC will become scarcer after the halving as fewer coins will be produced.
Moreover, the confidence of long-term holders in the royal coin finally paid off BTC increased significantly in recent days.
It is notable that the price of BTC has risen by more than 10% in the past 24 hours. At the time of writing this was the case trade at $33,737.90 with a market cap of over $659 billion. According to statistics, investors still continued to stock more BTC as the exchange rate reserve decreased.
According to CryptoQuant, investors in the derivatives market also followed a similar accumulation trend, which was evident in the green Funding Rate and Taker Buy-Sell Ratio.
Source: CryptoQuant
Thanks to the price increase, sentiment around BTC has also turned in favor of buyers. LunarCrush’s facts it clearly showed that BTC’s social engagement has increased by more than 144% in the past 24 hours. Bullish sentiment around the coin also increased by 40%.
Another bullish metric was BTC’s Altrank, which improved over the past day.
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Miners are also in a promising state
Like LTHs, miners also enjoyed gains in recent days, which was quite evident from Glassnode’s data.
A look at the chart revealed that miners’ balances shot up last week. However, it should also be noted that during the past 24 hours, when BTCAs the price continued to rise, miners’ balances recorded a decline. This meant that miners started selling their assets for a profit.
Source: Glassnode