CryptoQuant: Long-term investors' wallets hold more than 80% of Bitcoin supply
At the end of 2022, hodlers controlled 13.7 million bitcoins, or 71.5% of the total cryptocurrency supply. The growth of the cryptocurrency market is explained by expectations for the launch of exchange-traded crypto funds
Hodlers are addresses that hold BTC for more than 155 days. Over the past year, long-term investors have been actively increasing their reserves, now controlling just over 80% of Bitcoin turnover, CryptoQuant analysts emphasize.
Unlike short-term traders who periodically dumped BTC last year, hodlers continue to accumulate. The previous day, BTC rose to $45,700. Over the week, its capitalization increased by 7%, reaching $893.393 billion. On the night of Wednesday, January 3, the cryptocurrency remained at its highest values since April 2022. Ethereum (ETH) is heading towards $2,500.
The growth of the cryptocurrency market is explained by expectations of the launch of exchange-traded crypto funds ETF. The Securities and Exchange Commission (SEC) could approve several filings as early as this week. Among the applicants before the US regulator are Ark Invest/21shares, Blackrock, Bitwise, Fidelity, Vaneck, Valkyrie, Invesco and Wisdomtree. According to Reuters, the SEC could notify issuers on Tuesday or Wednesday that their products will be legalized on the US stock market.
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