About 74% of Bitcoin (BTC) hasn’t moved in over six months, despite a 21% drop from its all-time high, as investors increasingly view it as a long-term store of value.
About 74% of Bitcoin (BTC) hasn’t moved in over six months, despite a 21% drop from its all-time high, as investors increasingly view it as a long-term store of value.
Just a week ago, on-chain data from Glassnode showed that around 45% of BTC’s supply had been dormant for at least six months.
The amount of stationary BTC has since risen to over 70%.
Short-Term Holders Are Currently Under Water
Following BTC’s correction after reaching its new all-time high, analyst James Check noted that more than 80% of short-term Bitcoin investors, who are investors that have held BTC for less than 155 days, are currently in the red.
This is because many short-term holders acquired BTC at rates higher than its current price.
Right now, over 80% of #Bitcoin Short-Term Holders are underwater, meaning their coin was acquired at a price above the current spot price.
This is similar to 2018, 2019, and mid-2021 which signalled many investors were at risk of panicking, and precipitating a bearish trend. pic.twitter.com/8jM7PBqh5z
— _Checkmate ??⚡☢️?️ (@_Checkmatey_) August 19, 2024
In an Aug. 19 post on X, he noted that of the 4.32 million BTC held by short-term investors, 3.45 million coins were bought at a higher price than the current market rate.
This, according to the analyst, is similar to 2018, 2019, and the middle of 2021. In the previous instances, a bearish trend was ignited, prompting Check to warn of a similar trend playing out soon.
Analyst Predicts “Parabolic” Surge For Bitcoin In September
Crypto investor sentiment is bearish. Over the past 24 hours, the Crypto Fear and Greed Index dropped 3 points from a score of 31 to 28, signaling fear in the market.
This is a slight improvement from the extreme fear score of 25 just a week ago. It is, however, a substantial decrease from last month’s greed score of 74.
#BTC
Bitcoin is ~125 days after the Halving
Bitcoin tends to breakout into the Parabolic Phase of the cycle some ~160 days after the Halving
If history repeats, Bitcoin could be just over a month away from breakout
That's late September$BTC #Crypto #Bitcoin pic.twitter.com/iy7xmDjuso
— Rekt Capital (@rektcapital) August 18, 2024
Despite the negative sentiment, trader and analyst Rekt Capital said in an Aug. 18 X post that BTC could enter a “Parabolic” breakout following the April halving.
In the past, BTC has entered into a strong move 160 days after the historic event. If history repeats itself, BTC could surge in September, according to the analyst.
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