Bitcoin (BTC) Price Looks Bullish, Investors Hold Record, Glassnode Reports

According to Glassnode, the on chain Bitcoin (BTC) data a very bullish picture for the course. The analytics company reports this in a new report published on Oct. 11:

First, Glassnode notices that investors are refusing to sell their bitcoin, despite the price being its highest in five months.

Investors holding their bitcoin for the long term, i.e. the long-term holders (LTH), have accumulated a staggering 2.37 million worth some $140 billion in the past seven months.

These LTH now hold a whopping 13.3 million BTC, or about 70% of the total stock. Since only 186,000 BTC was created in the same period, this LTH group has accumulated a whopping 12.7 times more BTC than was created.

Glassnode also reports that the Bitcoin network will finally see another boost in network activity in October. The number of active addresses has already increased by 19% to 291,000 this month. That is the highest since the bull run launched late last year and a sign of bullish momentum:

“More active market participants have historically been correlated with growing interest in the asset during early-stage bull markets.”

According to Glassnode. The average value of transactions has also increased. Since mid-September, the average transaction has risen to over 1.3 BTC. The last time it rose above 1.6 BTC was during the liquidity crash in March 2020 due to the corona pandemic. Larger transactions are not synonymous with a price increase, but they do indicate a larger and perhaps even an institutional capital flow.

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The derivatives market also looks bullish, Glassnode reports. This can be seen in a growing open interest, higher prices in the futures market versus the spot market and rising perpetual swap funding rates. In May, this preceded a significant long squeeze.

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