Bitcoin deposits to centralized exchanges dwindled to a 3-year low, indicative of the lull in trading activity.
Liquid supply is the amount of BTC tokens available to be traded in the secondary market, like exchanges. With the supply dropping to multi-year lows, the tokens transferred on-chain also trended downwards.Source: GlassnodeWhile the HODLing activity was spearheaded by long-term holders, known to store coins for extended periods, short-term holders didn’t stay behind.
The sentiment to HODL is rooted in the growing optimism behind BTC’s future prospects. With institutional interest peaking for digital assets in the backdrop of multiple spot Bitcoin Exchange-Traded Fund applications, many of these investors were trying to be market ready during BTC’s next bull run., which have preceded bull markets in the past, could also be a major factor behind the HODLing strategy.As things stand, the market is in an equilibrium phase.
Traders were counting on the upcoming FOMC meeting this week to give some direction to BTC’s trajectory. Experts believed that the U.S. Federal Reserve could raise the interest rates by 25 bps this time after pausing the hike cycle in June.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Gold price near steady as FOMC meeting on deckSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
Lire la suite »
Bitcoin: Long-term holders can influence BTC price in this wayBitcoin’s supply held by long-term holders reached a new all-time high. However, BTC’s exchange reserve continued to decline.
Lire la suite »
If the younger generation likes bitcoin & digital currencies they’re going to keep investing in themJean-Francois Tardif, founder and portfolio manager at Timelo Investment Management, joins BNN Bloomberg to discuss today's markets.
Lire la suite »
Bitcoin walks on tightrope as SEC hints at appeal for Ripple rulingSpot ETF approvals could send prices soaring once again. The SEC, on the other hand, might contribute to another major selloff. This is because the U.S. regulator is reportedly planning to appeal the recent Ripple ruling.
Lire la suite »
Bitcoin: Why a drop in miner outflows could be good newsMiner reserve metric registered a sharp bounce between 27 May and 3 June. It was the sharpest spike that it experienced in the last 12 months. Such a major shift suggests that more miners are willing to HODL.
Lire la suite »
Bitcoin July 24 daily chart alert - Bears gaining momentum
Lire la suite »