Bitcoin savers refuse to sell

According to Glassnode’s on-chain data, long-term Bitcoin (BTC) investors do not prefer to sell their savings.

Glassnode’s “BTC supply rate last active 2+ years ago” indicator reveals that the rate of Bitcoin moved more than two years ago to 45,364 percent, the lowest level in the last three months.

BTC supply rate that was last active 2+ years ago. Kaynak: Glassnode

This trend shows that savers who bought BTC from the peak of the previous bull market in 2018 have greater confidence in Bitcoin, which has consolidated over $ 55K.

Why is it positive that Bitcoin is consolidated?

Bitcoin is often peaking or experiencing a serious correction when long-term savers start selling quickly.

Savers taking profits in previous bull cycles triggered spikes of 50 percent, causing the entire crypto market to experience major setbacks in short periods.

Bitcoin accumulators are now not selling massive amounts of BTC, suggesting that the peak in the current cycle may still be far away.

The fact that Bitcoin has consolidated around $ 55K gives positive signals for two reasons. First, BTC managed to maintain its strong market structure despite some adverse events. Second, the fact that BTC is consolidating near the record level is seen as an extremely positive signal from a technical point of view.

Bitcoin has faced some threats in the past two weeks that could lead to serious setbacks in the short term.

The increase in the yield of US government bonds often causes a decrease in the stocks of technology companies, which negatively affects all risky markets.

On the other hand, CryptoQuant CEO Ki Young Ju explained that miners prefer to accumulate more Bitcoin than they have sold in recent months. Miners are selling far less BTC this year compared to previous fixes. So miners are also predicting an increase in price.

Total BTC output from miner wallets. Source: CryptoQuant

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