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Bitcoin (BTC) experienced an unexpected price increase in the last few days. This situation has sparked new hope among analysts and investors. Due to the rise in optimism, addresses are holding onto their BTC. A small Bitcoin withdrawal occurred yesterday with 10,000 BTC leaving exchange wallets.
Investor Demand for Bitcoin
The total value of the withdrawn Bitcoin is estimated to be around 630 million dollars. This strong demand for Bitcoin indicates that interest in the cryptocurrency market might be reviving. Analysts note that consistent demand for Bitcoin has not been this high since the end of 2020, signaling a significant shift in investor sentiment.
At the time of writing, BTC is trading at $67,049.74, having decreased by 0.74% in the last 24 hours. Most BTC holders are profitable as BTC is only $6,000 away from its all-time high. This could mean that the frequency of BTC transactions has decreased.
Although this situation might be perceived as a negative sign for BTC, the slowdown also suggests that many addresses are holding onto their Bitcoin and refusing to sell. Additionally, the total number of BTC holders has increased. This could indicate that a significant number of addresses are accumulating substantial amounts of BTC.
Bitcoin Report from Santiment
Along with the increasing number of holders, the opposite trend is seen in miner holdings. Analysis of Santiment data revealed that the supply held by miners has significantly decreased. This could be positive for BTC in the long term. If miners cannot generate high amounts of fees, it becomes difficult for them to remain profitable.
The lower supply of BTC held by miners could mean that these segments of holders will have less impact on BTC prices moving forward. One reason for miners’ inability to generate fees is the inactivity on the network. The number of daily active addresses on the Bitcoin network has decreased in the last few weeks. Additionally, the number of NFTs traded on the network has also declined. This could indicate a waning interest in the Bitcoin ecosystem.
