The latest statistics disclose the impact of the recent developments in the crypto market, particularly concerning Bitcoin. Glassnode, a well-known on-chain analytics platform, has disclosed that Bitcoin capital is currently witnessing a balance between the latest demand and the long-term holders. In an official post on its X account, Glassnode provided the data regarding the respective development.
During the last two bull markets, the aggregate share of #Bitcoin wealth aged less than 6-months old reached between 84% and 95%, indicating a saturation of newer holders. This metric has increased dramatically since early 2023, rising from 20% on 1-Jan-2023 to 47% today. This… pic.twitter.com/9Oo8ZfX71Z
— glassnode (@glassnode) April 15, 2024
Bitcoin Market Sees a Balance Between the Exclusive Demand and Long-Term Held Capital
The on-chain analytics provider mentioned that the previous couple of bull markets presented some different scenarios. As per Glassnode, Bitcoin’s wealth share aged lower than six months reached eighty-four percent and ninety-five percent. The respective outcomes of these bull markets point toward a saturation of exclusive holders.
This indicator has jumped radically since the early days of the last year. On the 1st of January last year, the percentage stood at almost twenty percent. However, this figure has been seeing a continuous spike to touch up to forty-seven percent. As a result of this, there exists a balance of capital between the latest demand and the long-term holders.
BTC Spot Volumes Endorse Crypto Markets’ Entry into ‘Euphoric’ Phase
Additionally, amid the waiting period for the impending BTC halving, investors are taking more interest in the crypto market. The reports disclose that the top crypto token will potentially see a remarkable surge in terms of price after halving. Moreover, the community members have been making several speculations regarding the highly-predicted event. This elevates the possibility of a noteworthy directional price spike.
In line with the statistics, the year-to-date performance of Bitcoin gets support from a resilient demand related to spot markets. Furthermore, the biggest crypto coin has also witnessed a surge in its flow out of and in the prominent exchanges. Because of the substantial liquidity and the next BTC supply halving, the market is moving under a euphoric cloud. This paves the way for the bull market.