CryptoQuant Data Analysis Firm Reports Continued Hodling by Bitcoin Owners! Here are the Details
According to on-chain data provided by analytics firm CryptoQuant, over 50% of Bitcoin supply remains inactive. This means that the tracked wallets holding these Bitcoins have not seen any movement or exchange, indicating a strong long-term belief among holders.
This data reinforces the notion that Bitcoin may experience further price increases as a result of the unwavering faith in its future value. Despite recent events such as the Mt. Gox hack and the DMM hack, the sentiment surrounding Bitcoin remains bullish.
In addition, Singapore-based QCP Capital has observed an increase in trading activities and a maintained optimistic outlook. Despite negative headlines, the market continues to stay resiliently higher.
Notably, some larger tokens such as the dog-themed Floki (FLOKI) and the synthetic dollar project Ethena’s ENA tokens have both gained over 10% in value.
While the market eagerly anticipates further developments, particularly the potential approval of additional cryptocurrency ETFs, the overall sentiment remains bullish. This indicates the potential for continued growth in Bitcoin and other major digital assets.
Please note that this article does not provide investment advice.
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