ETH’s last active supply reached a 7-month high in 5-7 years
According to reports, Glassnode data shows that the final active supply of BTC in 5-7 years reached a 7-month high, with a value of 10496160.395 ETHs.
Interpretation of this information:
The news regarding the recent increase in the final active supply of BTC has caused a stir in the cryptocurrency community. Glassnode, a blockchain data provider, reported that the total value of BTC in active supply for the next 5-7 years has reached a 7-month high, surpassing expectations. With a value of 10496160.395 ETHs, BTC continues to dominate the crypto space, boosting investor confidence and attracting new traders.
The increase in the final active supply of BTC indicates a positive trend in the market. This is because when the active supply is high, it implies that there are more people holding BTC rather than selling it. This is a critical factor in the determination of the price of BTC. When the active supply is low, demand exceeds supply, leading to a surge in the market price of BTC.
The rise in the active supply of BTC indicates that traders who have been holding BTC for a long time have remained bullish on the asset, despite recent price fluctuations. Their decision to continue holding BTC despite the recent market downturn indicates a growing confidence in the long-term growth potential of the asset.
In addition, the recent rise in the active supply of BTC is likely due to the halving effect. The Bitcoin halving event that occurred in May 2020 reduced the block reward from 12.5 BTC to 6.25BTC, leading to a reduction in the number of BTC mined every day. This, in turn, has created a sense of scarcity, driving up the demand for BTC and increasing its value.
As more traders continue to hold onto BTC, the price is likely to remain stable in the long run. This is because the number of available BTC in circulation is limited. As more traders buy BTC, there will be a reduction in the available supply, leading to an increase in demand and price.
Overall, the increase in the final active supply of BTC is a positive development in the cryptocurrency market. Traders are holding onto BTC for the long term, indicating a growing confidence in the future of the digital currency. As we move towards the future, it is essential to keep track of the market trends to make informed investment decisions.
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