Bitcoin (BTC) hitting the $30,000 mark has proven to be the most popular “buy” level ever, according to recent on-chain data analysis. Crypto analytics firm Glassnode reveals that a significant amount of BTC was traded near the current spot price, indicating strong demand for the largest cryptocurrency in the market. The data shows that $30,200 is the price at which the largest number of BTC was created, as monitored by Glassnode’s Entity-Adjusted URPD metric. This metric excludes certain transaction types and funds held on exchanges to ensure accurate representation of real purchasing events.
Stagnant Supply and Unyielding HODLers
Despite the doubling of BTC’s price this year, long-term holders of Bitcoin seem uninterested in selling their stake. Glassnode’s Hodled or Lost Coins metric, which focuses on “old and large stashes” of BTC, continues to climb towards new record highs. This metric tracks the movement of BTC supply and provides insight into the amount that is likely inaccessible or lost forever, either due to wallet owners losing access or deliberate abandonment. The current Hodled or Lost Coins segment accounts for 7.77 million BTC, equivalent to around $233 billion, the highest tally in the past five years. Previous estimates have suggested that approximately 20% of Bitcoin’s total supply may already be locked out of circulation indefinitely.
Traders and market observers are taking note of the on-chain data and speculating about the potential for a significant market movement. Pseudonymous trader Mikybull Crypto commented on the non-entity adjusted data set, noting the similarity in numbers and suggesting that a “big move” is on the horizon. The strong demand for BTC at the $30,000 price level, along with the increasing number of hodled coins, indicates that market participants believe in the long-term value and potential growth of Bitcoin.
The surge in demand at the $30,000 mark is a positive sign for Bitcoin’s market outlook. It suggests that investors view this price level as an attractive entry point, reinforcing the narrative that BTC is a store of value and a hedge against inflation. Despite short-term price stagnation, the underlying demand from both retail and institutional investors remains robust.
The on-chain data analysis reveals that Bitcoin (BTC) demand is surging at the $30,000 price level. The record number of BTC changing hands at this price indicates significant market interest and suggests that investors believe in the long-term value proposition of the largest cryptocurrency. Additionally, the increasing number of hodled coins further reinforces the notion that market participants view Bitcoin as a store of value. As the market awaits a potential “big move,” the strong demand and steady investor sentiment bode well for the future of Bitcoin and the overall cryptocurrency market.
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