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- Bitcoin miners and hodlers are continuing to hodl significantly more coins
- The BTC supply side of its equation seemed pretty decent as hodlers and miners remain in a phase of long-term accumulation
- Analysts concern whether this is the right time to assess this as the market bottom
Bitcoin market has witnessed tussle with the red candlestick, since the beginning of this month. As the price remained highly volatile, BTC faked a recovery track, and yet fell again below the $46k mark earlier this week. Moreover, the global cryptocurrency market cap plunged by more than 3% on the price charts. Following the scenario, several investors in the industry began to concern where do we really stand with the festive season knocking on our doors. Furthermore, it is also forcing us to think of the larger macro-structure still leaning towards the bulls.
Bitcoin miners seems sailing the boat
With volatile prices, the revenue of Bitcoin miners was also volatile over the previous span. After dipping in the middle of this month, the revenue of the miners has again picked up while the other unspent supply was sitting at just 500 BTC below its all-time high. Notably, these coins are issued to miners as a reward for verifying a block and have never been spent on-chain.
It is worth noting that these digital assets miners have begun to hodl significantly more coins since March last year. Since then the trajectory of hodling has been soaring.
Hodlers remain in a phase of long term acquisition
It has been observed that Bitcoin’s illiquid Supply, which presents the total supply held by illiquid entities, has always remained one of the remarkable narratives for BTC this year following the May market crash. Notably, these long-term players were the first to begin stacking gain at the time of writing too, the illiquid growth was outpacing coin issuance.
Overall, we can consider that the BTC supply side of its equation seemed pretty decent as hodlers and miners remain in a phase of long-term accumulation. Indeed, the entire setup shows that the market is heading towards a short-term squeeze.
BTC price traces its lower bounds
The price of Bitcoin traces its lower bounds, and analysts concern whether this is the right time to assess this as the market bottom. According to experts, although Bitcoin bottom can never be accurately captured before it actually happens, the $45k-$46k range does seem like the bottom. Especially, as the same has acted as a robust support zone over the last couple of weeks.
