Addresses holding at least 0.1% Bitcoin (BTC) experienced strong net inflows in the third quarter of the year, according to the Q3 2023 report from crypto market analysis firm IntoTheBlock. These addresses recorded inflows of $600 million in a single day, despite BTC falling to $25,000, showing that they are quietly bullish. 📈
There were outflows in decentralized exchanges. IntoTheBlock believes that these wallets belong to organic buyers and are not just addresses from centralized trading platforms. However, the patience of these holders may be tested if the U.S. Securities and Exchange Commission (SEC) postpones decisions on Spot Bitcoin ETF applications. 🤔
On the other hand, on-chain metrics show that the number of long-term BTC holders is increasing, and this increase resembles a cycle seen in 2017. This could have significant consequences that could lead to a bull cycle that will start in 2024 and last until 2025. Given that only about two million more Bitcoins will be mined, the crypto community may be on the verge of a supply shock that will greatly impact the value of Bitcoin.
There were outflows in decentralized exchanges. IntoTheBlock believes that these wallets belong to organic buyers and are not just addresses from centralized trading platforms. However, the patience of these holders may be tested if the U.S. Securities and Exchange Commission (SEC) postpones decisions on Spot Bitcoin ETF applications. 🤔
On the other hand, on-chain metrics show that the number of long-term BTC holders is increasing, and this increase resembles a cycle seen in 2017. This could have significant consequences that could lead to a bull cycle that will start in 2024 and last until 2025. Given that only about two million more Bitcoins will be mined, the crypto community may be on the verge of a supply shock that will greatly impact the value of Bitcoin.