Bitcoin's long-term inactive supply also reached its peak.
the exchange supply from 1.13 million to 1.16 million BTC. Besides, the recent surge in BTC value was speculated to have been driven by derivatives exchanges rather than spot ones.A recent report by Bitfinex revealed that long-term BTC investors are consistently amassing more and extending their holding durations.
This trend signals a renewed sense of optimism within the market as 40% of the total Bitcoin supply has stayed inactive for over three years, a record high in this regard. Bitfinex leveraged the ‘Coin Days Destroyed’ metric, which helped gauge an interesting trend that long-held digital assets have predominantly remained dormant on the blockchain.
“It’s evident that long-term Bitcoin holders have been on a net accumulation spree. Specifically, on a rolling 30-day basis, this trend of accumulating has been consistently observed since March 2023. The behavior insinuates a broader sentiment of optimism and potential resilience against market volatilities.
Meanwhile, the “newer” long-term holders who acquired their spot positions over the bear market are currently “unsettled but not in a state of panic.” These buyers have weathered the price decline from $30,000 to sub $25,000 in April but eventually chose to liquidate their positions when the price dipped below the $29,000 range low in July with no upward momentum since.
The metric has been on the rise, indicating that their potential selling was a one-time event aimed at realizing some profit rather than a shift in their sentiment to bearish.
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