On 26 September, as per Glassnode, a crypto analytics company, the Coin Days Destroyed(CCD) metric of BTC was at an all-time low.
This statistic implied that despite the bearish movement of BTC, long-time holders were staying put and were HODLing their supply.
Evidently, long-term HODLers of Bitcoin have renewed faith in the king coin, and there is a possibility that they are expecting a positive turn for the future.
Furthermore, coins aged more than three months accounted for an all-time high of 86.3% of all USD wealth held by the BTC supply.
Source: Glassnode
There are some other factors as well that indicate an increase in investors’ interest in HODLing Bitcoin.
As can be seen from the image below, the graph showcased a decline in the number of active addresses in the past few days. This somewhat suggested a decrease in the number of transactions on the Bitcoin network.
Furthermore, the declining velocity of the coin indicated that there has been less movement of Bitcoin through different wallets.
Source: Santiment
Even though long-term holders of Bitcoin, seem to be optimistic about the future of the coin, there are some factors that investors need to consider before getting into a trade.
Bitcoin’s MVRV ratio has been in the red over the past few weeks, a further bearish movement can’t be ruled out.
Moreover, there has been a massive drop in the exchange outflow of Bitcoin. It simply means that there has been a sharp drop in the interest of retail investors when it comes to buying BTC.
Source: Santiment
That being said, Bitcoin’s mining revenue has depreciated by 29.95 % over the past seven days. And, its average difficulty has grown by 13% over the last month.
Well, at the time of writing, Bitcoin traded at $18,783 after depreciating by 1.37% in the last 24 hours. It remains to be seen whether Bitcoin HODLers will make a profit in the coming quarter.
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