Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. The percentage of Bitcoin’s long-term holders’ supply has reached a 15-year high, providing a bullish outlook for the flagship crypto. Asset manager Ark Investhighlighted this development in a recent report and explained what this could mean for BTC going forward. Bitcoin Long-Term Holders Supply Hit 74%
According to the Ark Invest report, the long-term holders’ supply has reached 74% of Bitcoin’s total supply, marking a 15-year high for this metric. The asset manager noted that this trend indicates growing market conviction in BTC’s role as a store of value or “digital gold.” These long-term holdersrefer to addresses that have held for 155 days or longer. Related Reading Hold On For Dear Life: This Bullish Bitcoin Metric Just Touched A 15-Year High 10 hours ago
This development comes at a time when Bitcoin is witnessing massive demand from institutional investorsthrough the ETFs and treasury companies. These investors are considered better ‘diamond-hands’ than retail investors, which means that this metric could keep rising, with long-term holders gaining more control of BTC’s total supply.
This institutional buying has also driven the Bitcoin price to several all-time highs (ATHs) this year, with BTC reaching as high as $123,000 last week. The flagship crypto appears to still be in price discovery, as ETFs led by BlackRock and treasury companies, led by Saylor’s Strategy, continue to accumulate at an unprecedented pace. Source: Chart from Ark Invest
Cathie Wood’s Ark Invest is ultra bullishon the Bitcoin price, predicting that it could reach $1.5 million by 2030. They expect BTC to reach this target due to the rising institutional investment and global recognition of Bitcoin’s ability to serve as a store of value. In a CNBC interview, Cathie Wood also doubled down on this prediction.
She explained that they expect BTC to take a significant share from gold or grow the store of value market. Wood added that institutions are still just testing the waters despite the massive accumulation so far. As such, she still expects a rise in adoption for these companies. Meanwhile, only about 1 million unmined Bitcoins are remaining. Other Bullish Metrics For BTC
The Ark Invest report also revealed that global liquidity per bitcoin reached a 12-year high. This metric reached this high with $5.7 million in global M2 supplyper BTC in circulation. The asset manager remarked that this ratio could continue to rise given Bitcoin’s diminishing future supply growth and the continued expansion of global liquidity. Related Reading This Analyst Predicted Bitcoin’s Rally To $120,000 Months Ago, Here’s The Rest Of The Forecast 5 days ago
Meanwhile, in June, Bitcoin managed to hold above the support between $96,000 and $99,000 and is now well above these levels. $98,888, $96,278, and $71,393 are BTC’s short-term holder cost basis, 200-day moving average, and on-chain mean, respectively, which is why this development is bullish for the flagship crypto.
At the time of writing, the Bitcoin price is trading at around $19,100, up in the last 24 hours, according to datafrom CoinMarketCap. BTC trading at $118,568 on the 1D chart | Source: BTCUSDT on Tradingview.com Featured image from Pixabay, chart from Tradingview.com