Bitcoin supply hits bottom: A sign of a new bullish cycle?
The universe of cryptocurrencies, and Bitcoin in particular, continues to generate debate and anticipation. Recently, crypto asset analyst James Van Straten, through a post on platform X (formerly Twitter), suggested that the circulating supply of Bitcoin has hit bottom. This assertion implies the potential initiation of an accumulation phase by long-term investors, according to Benzinga.
Van Straten indicated that the market has absorbed 1,098,490 BTC and suggested that the availability in the hands of long-term investors has likely reached its lowest level.
The analyst reflected on market trends in the past, recalling a sharp decline in the value of Bitcoin, from $70,000 to $49,000, which occurred 155 days ago, coinciding with the reversal of the yen carry trade. He emphasized that those investors who bought Bitcoin at those depressed prices would have already experienced a 100% increase in their investments.
Van Straten's observations come at a time when the balance of long-term Bitcoin holders increased by 0.06% in the last 24 hours, according to data from IntoTheBlock. Additionally, over $137 million in Bitcoin left exchanges, evidencing a preference for long-term holding (HODLing).
