• Bitcoin [BTC] holders are proving to be in for the long haul as exchange addresses hit a 5-year low.
• The positive yields recently registered have not led to many holders selling their coins.
• Bitcoin’s social dominance has increased significantly, suggesting that it may overcome upcoming macroeconomic influences.
Bitcoin Holders Proving Their Long-Term Commitment
The balance of Bitcoin held on exchange addresses has hit its lowest level in more than five years, indicating that investors are holding onto their coins for the long term. According to Glassnode, 2.26 million BTC was recorded on July 5th 2023 – almost 2000 days since the last time this metric was at such a low number.
Holders Not Willing To Sell
Despite the positive yields seen recently, few investors have chosen to sell off their BTC holdings. Over the past 30 days, Bitcoin’s value has increased by 19.90%, but mild profit-taking has caused it to fall below $31,000 again. This suggests that most holders do not see much reason to send their coins into exchanges and cash out just yet.
Increased Social Dominance
Bitcoin’s social dominance (the amount of conversations about an asset compared to others in the top 100) has also seen an increase since July 5th. This could lead into a rebound season if these discussions continue as they have been going, with many seeing potential in the cryptocurrency yet again. Additionally, Bitcoin’s weighted sentiment (unique social commentary about an asset) is currently at -0.928 – which is just slightly above negative numbers and implies that market participants are generally feeling optimistic about its performance going forward.
Realized Price Per Year
Glassnode’s data also shows that Bitcoin’s realized price per year is currently around $25,627 – meaning holders have been storing coins away since hitting this price on a Year-To-Date (YTD) basis earlier this year and evidently don’t plan on jumping ship anytime soon either.
Overall, it appears that many investors are committed to holding onto their BTC for the long run – despite some short-term profit taking due to recent market movements – thanks largely to increased conversations and positive sentiment surrounding the asset at present time