Bitcoins Accumulated in Hodlers’ Wallets Reach Highest Level in 5 Years
The total volume of lost Bitcoins, as well as BTC stored in the wallets of long-term crypto investors, has reached a five-year high at 7,554,982.124 BTC.
An increase in the values of the metric means the active market supply of Bitcoin is decreasing, which promises optimistic prospects for the price of BTC, subject to growing or unchanged demand for it.
On the other hand, according to QryptoQuant analysts, there will be a continuation of the bearish trend.
According to them, investors who bought Bitcoin after December 2020 are now at a loss. Therefore, the long-term SOPR is unlikely to resume the uptrend anytime soon.
For more than a month now, the Cryptocurrency Fear and Greed Index has consistently indicated extremely disturbing market sentiment.