Are Bitcoin HODLers, Retailers at a Crossroads on Future BTC Growth

On September 26, in accordance with glass knota cryptanalytic company, BTC’s Coin Days Destroyed (CCD) metric was at an all-time low.

This statistic implied that despite the bearish movement of the BTClongtime holders stayed put and hoarded their supply.

Source: Glassnode

Clearly, long-term Bitcoin HODLers have renewed their faith in the King’s Coin, and it’s possible they’re expecting a positive turn in the future.

Additionally, coins older than three months accounted for an all-time high of 86.3% of all USD wealth held by the BTC supply.

Source: Glassnode

There are also other factors that indicate an increase in investor interest in HODLing Bitcoin.

As can be seen in the image below, the graph showed a drop in the number of active addresses over the past few days. This somewhat suggested a decrease in the number of transactions on the Bitcoin network.

Additionally, the decreasing velocity of the coin indicated that there was less movement of Bitcoin through different wallets.

Source: Santiment

Even though long-term Bitcoin holders seem optimistic about the future of the coin, there are some factors investors should consider before jumping into a trade.

Bitcoin’s MVRV ratio has been in the red for the past few weeks, further bearish movement cannot be ruled out.

Additionally, there has been a massive drop in Bitcoin exchange outflows. It just means that there has been a sharp drop in interest from retail investors to buy BTC.

Source: Santiment

That being said, Bitcoin mining earnings have depreciated by 29.95% in the past seven days. And, its average difficulty has increased by 13% over the course of the last month.

Well, at the time of writing, Bitcoin was trading at $18,783 after depreciating by 1.37% in the last 24 hours. It remains to be seen whether Bitcoin HODLers will make a profit in the next quarter.

About Catherine Wilson

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