Bitcoin Long-term Bulls Are Getting Stronger

Glassnode reports that Bitcoin’s long-term owners refuse to sell the most popular cryptocurrency; This is surprising because BTC markets are rallying to a five-month price high.

In an October 11 report, Glassnode noted that BTC wallets had not seen an outflow for more than 155 days and were currently sitting at almost 13.3 million BTC or 70% of Bitcoin reserves.

According to the report, long-term owners have increased their collective assets by more than 2.37 million BTC in the past seven months. Miners newly mined only 186,000 BTC during the same period. Glassnode complete that long-term whales are acquired 12.7 times more BTC than is built as a new delivery.

Although long-term owners refused to sell, Glassnode noted an increase in chain activity as the price of Bitcoin rose to a local high of $57,860 on October 12. Glassnode suggests that an increase in activity could further boost the momentum. 

Extra active market members have historically corresponded with expanding activity in the asset, all along with early-stage bull markets.

The report noted an increase in the average transaction size to about 1.3 BTC per transfer. This points to a chain of institutional-sized capital flows. During August, the mediocre transaction amount dropped to 0.6 BTC per transaction. Last week, the Bitcoin network registered the highest daily value, $31 billion.

According to Glassnode, on October 12, Bitcoin balances on centralized exchanges fell to 2.4 million, a 3-year low.

Industry viewers have advised that whales could be front-running the BTC markets in the apprehension of a Bitcoin ETF consent this month.

Conclusion

As we can see, the most popular cryptocurrency in the world continues to grow. All of this may be the basis for the suspicion of analysts who believe that Bitcoin will reach the 6-digit mark by the end of the year. The digital currency surpassed $57,000 and broke through the trading zone.

After several months of failure, Bitcoin has been in mass action since the beginning of October. Its price is increasing day by day. Analysts report that the digital currency will soon approach its historical limit of $65,000 and even exceed it. It is also noteworthy that the network is currently conducting more transactions than ever before.

Data published by Bitinfocharts shows that the average cost of transactions in the Bitcoin network is constantly increasing. At the same time, the growth of Bitcoin is affecting other cryptocurrencies as well.