The Q3 2023 report from IntoTheBlock reveals addresses holdi

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The Q3 2023 report from IntoTheBlock reveals addresses holding at least 0.1% of bitcoin (BTC) supply experienced strong net inflows throughout the third quarter of this year. 🚀 - These addresses recorded single-day inflows of $600 million despite BTC plunging to $25,000, indicating they are quietly optimistic. - These strong net inflows occurred while centralized exchanges experienced outflows. IntoTheBlock believes these wallets belong to organic buyers, not addresses from centralized trading platforms. - However, holders' patience may be tested if the United States Securities and Exchange Commission (SEC) delays a decision on applications for the Spot Bitcoin Exchange Fund (ETF). Meanwhile, on-chain metrics show the number of long-term BTC holders is increasing, and this spike is comparable to the cycle seen in 2017, leading to a large crypto asset price appreciation in 2020. What do you think about this net inflow? Does this signal the start of an increase in BTC prices? Share your opinion in the comments column! 💬

The Q3 2023 report from IntoTheBlock reveals addresses holding at least 0.1% of bitcoin (BTC) supply experienced strong net inflows throughout the third quarter of this year. 🚀
- These addresses recorded single-day inflows of $600 million despite BTC plunging to $25,000, indicating they are quietly optimistic.
- These strong net inflows occurred while centralized exchanges experienced outflows. IntoTheBlock believes these wallets belong to organic buyers, not addresses from centralized trading platforms.
- However, holders' patience may be tested if the United States Securities and Exchange Commission (SEC) delays a decision on applications for the Spot Bitcoin Exchange Fund (ETF).
Meanwhile, on-chain metrics show the number of long-term BTC holders is increasing, and this spike is comparable to the cycle seen in 2017, leading to a large crypto asset price appreciation in 2020.
What do you think about this net inflow? Does this signal the start of an increase in BTC prices? Share your opinion in the comments column! 💬