๐ Weakening Demand:
- Global demand for Bitcoin has been softening, particularly in recent weeks.
- Growth in whale portfolios has slowed significantly, dropping from 6% in March to just 1%.
- Bitcoin ETF purchases in the US have plunged from 12,500 BTC in March to a mere 1,300 BTC last week.
- Coinbase premium has shrunk from 0.25% to 0.01%, reflecting weaker platform demand.
- Bitcoinโs price has tumbled from a high of $70,000 to $49,000, currently hovering around $61,000.
๐ช Long-Term Holders Remain Optimistic:
- Despite market turbulence, long-term holders continue to accumulate BTC, with an additional 391,000 BTC added to their portfolios each month.
- This steady accumulation could solidify the marketโs foundation over time.
- The total capitalization of stablecoins has surged to a new high of $165 billion, signaling that liquidity is available for a potential reinvestment into cryptocurrencies.
๐ Market Resilience vs. Demand Weakness:
- The market is at a crossroads, with immediate demand appearing weak.
- However, the unwavering commitment of long-term holders and the rise in stablecoin liquidity provide a glimmer of hope.
- These dynamics underscore the importance of looking beyond surface trends to understand the underlying forces shaping the market's future.
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โจ Optimism Amidst Uncertainty: The Long-Term Perspective
