Glassnode’s weekly on-chain report stated that investor confidence has reached a high point as Bitcoin prices and other metrics continue to improve.
It also stated that on-chain supply dynamics continued to be strong, and activity remains well below the bull market highs. This suggests there is still plenty of room for growth.
“Bitcoin investor confidence appears to be at an all-time high, along with many metrics such as price, hash-rate, and proportion of mature coins supply.”
The report found that long-term owners had only released a small portion of their holdings and that exchange balances are continuing to decline.
Bitcoin now bigger than Tesla and Facebook
In terms of market capitalization, Bitcoin has now overtaken Facebook and Tesla. The BTC market capitalization was $1.27 trillion at the time of writing. This puts it above Tesla’s $1.16 billion, but below the global silver market which is worth $1.37 Trillion. Amazon is the next largest company with $1.76 trillion.
#Bitcoin has surpassed Tesla and Facebook in value. It is the sixth largest asset by market capital.
Amazon is here for you!
(@BTC_Archive November 8, 2021
Glassnode said that as Bitcoin prices rise, the typical behavior is that long-term owners usually start their distribution. Long-term holders have reinvested 0.73% of the coin supply into liquid circulation since BTC reached $66K.
From late September to the end of September, the rate of long-term accumulation was above 400,000 coins per monthly for five months. The paper has returned to a neutral level and more coins are maturing into long-term holders status. Investors are reluctant to sell them.
“Over 85%” of the coin supply remains dormant as of August 2021. “Investors are not spending their coins.”
According to the report, current spending patterns are closer to strategic profits than a market-wide exit based on the belief that an asset is too expensive.
BTC closes at $70K
Bitcoin prices just reached an all-time high in the Tuesday morning Asian trading session. CoinGecko reports that Bitcoin reached $66,700 only a few hours earlier.
The asset gained 4% over the previous day and is now only 3% away the psychological $70K price.
According to analytics platform, the total crypto market capitalization also reached an all-time high of $3.08 trillion today.
Marla Brooks – Financial Analysis
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