đđ Hold on to your hats, BTC enthusiasts! A Q3 2023 on-chain report by IntoTheBlock reveals that addresses holding at least 0.1% of bitcoin's supply experienced strong net inflows throughout the quarter. These wallets recorded a single-day inflow of $600 million, despite BTC plunging to $25,000! đ°đȘ
đ This indicates a quiet build-up of strong interest, with three other spikes of more than $400 million in net inflows. Interestingly, these inflows occurred while centralized exchanges saw outflows, suggesting organic buyers are behind the activity. đ±
đź However, the patience of these holders may be tested if the SEC delays decisions on Spot Bitcoin ETF applications. Meanwhile, on-chain metrics show the number of long-term BTC holders is growing, comparable to a cycle seen in 2017 that led to massive price appreciation in 2020. đ
đ CryptoPotato predicts this growth in long-term holders will have significant consequences in 2024, kicking off a bull cycle that soars into 2025. With only about two million bitcoins left to be mined, we could be on the verge of a supply shock that massively impacts bitcoin's value! đ