Bitcoin (BTC) is flashing a metric harking back to earlier bear-market bottoms, in response to Ki Younger Ju, the chief govt of on-chain insights agency CryptoQuant.
Ju notes on Twitter that BTC’s accumulation stage has reached a seven-year excessive.
“Over 6-month-old Bitcoins now take 74% of the realized cap. It was 70%, and 77% on the final bottoms in 2019, and 2015 respectively. Think about you purchase Bitcoins and do nothing over six months. You know the way exhausting it’s…”
The CEO clarifies that he’s not saying that 74% of BTC provide hasn’t moved in six months.
“It’s not nearly Bitcoin provide however realized capitalization. I meant ‘over six-month-old Bitcoins take 74% of the realized cap, which suggests over six-month-old unmoved Bitcoins take 74% of market cap by way of PnL realization.’”
Crypto analytics agency Glassnode additionally notes on Twitter that the quantity Bitcoin provide final energetic 6-12 months in the past (based mostly on a one-day shifting common) reached a 6-month excessive of two,311,039.946 BTC this week.
The agency additionally says the variety of BTC addresses holding 0.1+ cash simply reached an all-time excessive of three,832,859 on Monday.
Bitcoin is buying and selling at $20,217 at time of writing. The highest-ranked crypto asset by market cap is up greater than 3.6% prior to now 24 hours and greater than 6.5% prior to now week.
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