Categories: Market Overview

$100 Billion in Bitcoin Hasn’t Moved in Over 1 Year, And Its Bullish

The cumulative sum in dormant bitcoin addresses surpassed 12.58 million BTC, worth just about $100 billion at current price. It indicates most investors are holding strong despite volatility in the market. It also demonstrates that amidst one of the steepest falls in recent history from $13,900 to $6,410, the majority of investors were holding onto bitcoin, as pointed out by a researcher known as Rhythm. In the short-term, the price movement of bitcoin is likely to be swayed by trends in the margin trading market through platforms like BitMEX and Binance Futures.

Often times, long or short squeezes trigger a significant price movement to either the downside or the upside, creating large volatility in the crypto market. In the long-term, however, macro and fundamental factors will determine the pathway of bitcoin. Fundamentals for the dominant cryptocurency are considered to be metrics such as hashrate, user activity, and declining supply or scarcity.

The lack of outflow from most BTC addresses adds to the optimistic macro outlook on bitcoin. It specifically demonstrates that at least more than half of all BTC holders are investing with a long-term investment thesis. Bitcoin would have to see an exponential increase in adoption over the next several years and show a similar trend to gold in evolving into a proper store of value. The sheer number of investors holding BTC through wild volatility and significant corrections with a long-term investment thesis suggest that most investors believe it is possible for BTC to evolve into a major asset in the years to come.

$100 Billion in Bitcoin Hasn’t Moved in Over 1 Year, And Its Bullish, NewsBTC, Jan 7
The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

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