On-chain fundamentals for Bitcoin BTC/USD – the world’s first cryptocurrency – paint a rather bullish picture with long-term holders rising again.
What Happened: Data provided by on-chain analytics firm Glassnode shows Bitcoin’s reserve risk has returned to the “green zone,” reaching a current value of 0.00207507 – an 18-month low. This measure estimates long-term holders’ confidence relative to price – when confidence is high and price is low, reserve risk is low and there is likely to be a good risk-benefit ratio.
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Furthermore, Glassnode data also shows that the number of Bitcoin addresses with more than 0.1 BTC reached a new record of 3,467,965 – the previous record of 3,467,933 was reached on May 4.
Those stats also track Bitcoin refusing to realign its price to the stock-to-flow (S2F) model just as it reaches the midway point of its next halving that will lower inflation again — now at just 35.6 % of the estimated price by S2F.
This post Bitcoin On-Chain Fundamentals Paint A Bullish Picture As Holders Take Control Again was original published at “https://www.benzinga.com/markets/cryptocurrency/22/05/27058907/bitcoin-on-chain-fundamentals-paint-a-bullish-picture-as-holders-take-control-again”