CryptoQuant: 50% of long-term Bitcoin supply is in "inactive" status, which may indicate further price increases
Bitfinex stated in a report on Monday that the decline of Bitcoin since March may be due to long-term holders selling off. However, blockchain data shows that this trend has stagnated and investors are accumulating Bitcoin.
On-chain analysis company CryptoQuant reported on Tuesday that 50% of the long-term Bitcoin supply is "inactive", with no changes or variations in the amount of Bitcoin held in its tracked wallets. This is considered a strong signal for long-term holding, which could indicate further price increases.
Therefore, sentiment around the continued growth of Bitcoin remains "stubbornly bullish," and QCP Capital also noted an increase in trading activity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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