US investors are leaping into Bitcoin as more of its supply gets sucked away by long-term holders.
Bitcoin ’s performance this year is modeling that of previous 4-year market cycles, signaling the early innings of another potential bull market, according to market analysis firm Reflexivity Research.
Each event has “unequally benefitted digital gold relative to other digital assets in the market,” the report stated. Bitcoin now comprises over 50% of crypto’s total market cap, with bulls like Michael SaylorOutsized interest in Bitcoin is visible in the futures market, where Bitcoin perpetual futures are “clearly diverging away” from Ether perpetual futures.
The number of Bitcoin addresses holding over 1 BTC crossed 1 million for the first time ever this quarter, and the network settled roughly $2 trillion in transactions during that time.and Santiment, Reflexivity said Bitcoin’s supply held by long-term holders is now relatively high, meaning market participants aren’t planning to sell their coins anytime soon.
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