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Bitcoin price bottom takes shape as ‘old coins’ hit a record 78% of supply Bitcoin price bottom takes shape as ‘old coins’ hit a record 78% of supply
Business / Crypto

Bitcoin price bottom takes shape as ‘old coins’ hit a record 78% of supply

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Bitcoin (BTC) and the rest of the crypto market have been in a bear market for almost a year. The top cryptocurrency has seen its market valuation plummet by more than $900 billion in the said period, with macro fundamentals suggesting more pain ahead. Another bear cycle produces more BTC hodlers But the duration of Bitcoin’s bear market has coincided with a substantial rise in the percentage of BTC’s total supply held by investors for at least six months to one year. Notably, the percentage of coins held for at least a year has risen from nearly 54% on Oct. 28, 2021, to a record high of 66% on Oct. 28, 2022, data shows. Bitcoin hodl waves. Source: Glassnode  This evidence suggests that long-term investors are increasingly looking at Bitcoin as a store of value, asserts Charles Edward...