HODL

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-investors-cling-to-assets-as-on-chain-activity-dips" rel="noopener noreferrer nofollow">Bitcoin Investors Cling to Assets as On-Chain Activity Dips</a><br></p>
<p style="text-align: justify">Recent data analytics from Glassnode have revealed that despite <a href="https://en.bitcoinhaber.net/bitcoins-rough-ride-etf-hype-meets-reality-and-miner-influence" rel="noopener noreferrer nofollow">Bitcoin</a> reaching unprecedented price levels, surpassing the $70,000 mark, on-chain transaction volumes in terms of US dollars are significantly below the zenith witnessed in 2021. This pattern suggests a prevailing sentiment among investors to hold onto their Bitcoin rather than selling, betting on future price surges and exhibiting a robust trend of asset retention in the marketplace. Analysts interpret this as a manifestation of a strong HODL mindset among <a href="https://en.bitcoinhaber.net/exposing-cryptocurrency-deceptions-opnx-shuts-down-as-oxfun-emerges" rel="noopener noreferrer nofollow">cryptocurrency</a> participants.</p>
<h2 id="market-observes-lower-transaction-volumes-despite-high-bitcoin-value">Market Observes Lower Transaction Volumes Despite High Bitcoin Value</h2>
<p style="text-align: justify">Even with Bitcoin hitting a record high of $73,750, there is a noticeable decline in economic transactions on its blockchain. Analysts from Blockware Solutions highlight a discrepancy between the soaring price and the muted on-chain dollar volume. Current data shows average transfer volumes to be under $200,000, a stark contrast to the 2021 bull market where figures exceeded $1 million.</p>
<p style="text-align: justify">The spike in Bitcoin’s value is attributed to Wall Street’s growing interest in spot Bitcoin ETFs on Nasdaq and the concentration of volume within these ETFs. Conversely, the on-chain volume remains subdued, signaling a collective investor decision to retain Bitcoin post the 2022 bear market in anticipation of further price appreciation.</p>
<h2 id="supply-stagnation-suggests-a-strategic-wait-for-higher-prices">Supply Stagnation Suggests a Strategic Wait for Higher Prices</h2>
<p style="text-align: justify">Blockware Solutions analysts further speculate that a significant price movement for Bitcoin will precipitate an increase in on-chain volume as seasoned Bitcoin holders may begin moving assets to exchanges for sale. The current low volume hints at a scarcity of supply-side liquidity and underlines the investor reluctance to sell their holdings.</p>
<p style="text-align: justify">The data also shows a growing portion of Bitcoin that has remained inactive for 3 to 4 years, reflecting the confidence of long-term investors. Projections from experts suggest that Bitcoin’s price could ascend to six figures in the near term, possibly breaching $150,000 in the long run. Presently, Bitcoin trades at $67,260 with a market capitalization of $1.32 trillion, marking a 3.57% rise over the past day according to CoinMarketCap.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-investors-cling-to-assets-as-on-chain-activity-dips" rel="noopener noreferrer nofollow">Bitcoin Investors Cling to Assets as On-Chain Activity Dips</a></h5>

Bitcoin Investors Cling to Assets as On-Chain Activity Dips

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BH NEWS

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