On-chain data from analytics firm CryptoQuant showed that more than 50% of Bitcoin supply is inactive.
BTC Holders Continue to Hold Their Bitcoins
This means that the Bitcoins in question have not been moved or exchanged in the tracked wallets, which is a sign of strong long-term belief among holders.
This data supports the idea that Bitcoin may see further price gains due to unwavering belief in its future value.
Mt. Gox hack and the DMM hack last week, sentiment around Bitcoin remains bullish.
Singapore-based QCP Capital noted that there was an increase in trading activities and an optimistic outlook was maintained. “Despite the negative headlines, the market remains stubbornly higher,” QCP Capital said in a message late Monday.
Among larger tokens with market caps exceeding $1 billion, dog-themed floki (FLOKI) and synthetic dollar project Ethena's ENA tokens both gained more than 10%.
While the market awaits further developments, particularly the potential approval of additional cryptocurrency ETFs, overall sentiment remains bullish, pointing to the potential for continued growth in Bitcoin and other major digital assets.
*This is not investment advice.
