- Longtime Bitcoin holders remained unfazed by market volatility.
- Private investors and whales showed a growing interest in BTC.
Amid Recent Uncertainties Surrounding the Crypto Market Due to the SEC’s Lawsuit and FOMC’s Announcement, Bitcoin for the Long Term [BTC] holders have continued to show unwavering confidence in BTC, unaffected by recent market volatility.
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Out of nostalgia
According to data from Glasnode, spending on mature coins, held for an extended period of time, remained relatively inactive compared to their usual level, even amid significant price swings from the beginning of the year (YTD). This suggested that long-term holders were steadfast and did not succumb to panic selling or excessive trading.
In addition, the press time level of the Binary Bitcoin Coin Day Destruction, a metric related to the movement and spending of the king coin, remained relatively low compared to the substantial levels observed during the 2021 bull market.
This indicated that there has been relatively less activity lately in terms of Bitcoin spending, highlighting the patience and confidence of the long-term holders.
Source: Glassnode
In addition to the increased positive sentiment of long-term holders, private investors are also starting to show interest in the king coin. According to Glassnode data, the number of addresses with more than 1 coin has reached an all-time high of 4,394,881.
In addition to retail investors, whales are also entering the Bitcoin market again as the number of addresses holding more than 1 BTC has been on an upward trajectory over the past week.
This renewed interest from large-scale investors reinforced the idea that Bitcoin continued to attract the attention and trust of a wide range of market participants.
#Bitcoin $BTC Number of addresses with 1+ coins just reached an ATH of 1,006,245
View statistics:https://t.co/s7tx1xxyz3 pic.twitter.com/OND9zhRWsP
— glassnode alerts (@glassnodealerts) June 16, 2023
Bitcoin trading behavior
The Open Interest for Bitcoin is also on the rise, indicating growing market engagement and activity. The put-to-call ratio stood at 0.49 at press time, reflecting optimistic sentiment among traders.
This sentiment was bolstered by a belief that market conditions were favorable to Bitcoin’s future growth at press time.
Source: The Block
Read Bitcoin [BTC] Price forecast 2023-2024
Bitcoin was trading at USD 26,568 at the time of writing and was experiencing a significant recovery after a correction in the previous week. In addition to the price recovery, BTC’s MVRV ratio also increased during this period. This suggested that some holders could feel pressure to sell soon.
In addition, the decreasing long/short difference implied a growing number of short-term addresses with Bitcoin, which may be more inclined to sell their holdings once they become profitable.
Source: Sentiment
