Are Bitcoin HODLers, retailers at crossroads over BTC’s future growth
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September 26, by Glassnodecryptanalytic company, BTC’s Coin Days Destroyed (CCD) gauge hit an all-time low.
This statistic showed that despite the decline BTClong-term holders stayed put and held their supply.
Apparently, longtime Bitcoin HODLs have renewed their faith in the king coin and it is possible that they are expecting a positive turn for the future.
Additionally, coins older than three months accounted for an all-time high of 86.3% of all USD assets held in the BTC supply.
There are also some other factors that point to increased investor interest in HODLing Bitcoin.
As you can see in the image below, the graph showed a decrease in the number of active addresses in the last few days. This somewhat indicated a decrease in the number of transactions on the Bitcoin network.
In addition, the coin’s slowing rate showed that Bitcoin has moved less through different wallets.
While long-term holders of Bitcoin appear to be optimistic about the coin’s future, there are some factors that investors need to consider before taking the plunge.
Bitcoin’s MVRV ratio has been in the red for the past few weeks, so bearish traffic cannot be ruled out.
Additionally, Bitcoin’s exchange rate has dropped tremendously. It simply means that the interest of retail investors in buying BTC has dropped sharply.
So called, Bitcoin mining revenue has weakened by 29.95% in the last seven days. And its average difficulty has increased by 13% last month.
At the time of writing, Bitcoin was valued at $18,783 after having weakened by 1.37% in the last 24 hours. It remains to be seen whether Bitcoin HODLers will turn a profit in the coming quarter.