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Consistent with the volatile crypto market, the past few months have been filled with uncertainty for Bitcoin (BTC). However, the bears appear to be in control, with the premier cryptocurrency trending toward the $26,000 mark in the past few days.<\/span><\/p>\n Despite the struggling Bitcoin price action, investors seem uninterested in taking short-term interests or cutting their losses, with BTC spot trading volumes hitting lows rarely seen in years.<\/span><\/p>\n According to recent research from <\/span>on-chain analytics provider CryptoQuant<\/span><\/a>, Bitcoin spot trading volume has declined to a six-year low. This latest data, which tracks trading activity on various exchanges, shows the decline BTC volume has experienced in recent weeks.<\/span><\/p>\n #Bitcoin<\/a> spot trading volume drops to 6-year low\ud83d\udea8<\/p>\n “People are more interested in holding their coins, believing in their future value, than selling at the first sign of profit.” Link\ud83d\udc47https:\/\/t.co\/2MgO5PJawu<\/a><\/p>\n \u2014 CryptoQuant.com (@cryptoquant_com) September 26, 2023<\/a><\/p>\n<\/blockquote>\n CryptoQuant data revealed that the transaction volume of Bitcoin across exchanges roamed between 8,000 and 15,000 daily transactions in the past week. This reflects an abrupt decline from the 600,000 daily transactions recorded in March 2023.<\/span><\/p>\n Cau\u00ea Oliveira, a contributing analyst at CryptoQuant, <\/span>attributed<\/span><\/a> the growing fear around the macroeconomic scenario as one of the reasons for this short drop in BTC transaction volume. \u201cThe actions of the United States Central Bank perpetuate a constant feeling of uncertainty, leaving investors waiting for a possible recession,\u201d Oliveira added.<\/span><\/p>\n Last week, <\/span>the US Federal Reserve (Fed) opted<\/span><\/a> to keep the interest rates at the current level, ranging between 5.25% and 5.5%. This move aligned with existing economic policy in the United States and market expectations.<\/span><\/p>\n Additionally, Oliveira referenced this downward trend in BTC spot volume as an interesting sign of \u201crising investor confidence.\u201d It demonstrates that Bitcoin investors opt to hold their coins rather than sell them.<\/span><\/p>\n Cau\u00ea Oliveira added:<\/span><\/p>\n Instead of seeking quick profits through short-term trading, more and more people are viewing bitcoin and other cryptocurrencies as a long-term investment. They are more interested in holding their coins, believing in their future value, than selling at the first sign of profit.<\/span><\/p>\n<\/blockquote>\n According to <\/span>CoinGecko data<\/span><\/a>, Bitcoin is currently valued at $26,154, with no significant price movement in the past day. BTC maintains its place as the largest cryptocurrency, with a market cap of nearly $510 billion.\u00a0<\/span><\/p>\n A recent on-chain revelation by IntoTheBlock adds more weight to Oliveira\u2019s analysis. The crypto analytics platform <\/span>disclosed<\/span><\/a> that Bitcoin long-term holders seem unfazed by the current market conditions as they continue to hold their assets.<\/span><\/p>\n Despite market turbulence, long-term ‘Hodlers’ are unfazed. Our latest data reveals a near-record 13.44M BTC held by long-term holders, making up 69% of the circulating supply. Historically, these holders sustain prices in bear markets and take profits in bull runs. pic.twitter.com\/99OA9LfUjU<\/a><\/p>\n \u2014 IntoTheBlock (@intotheblock) September 24, 2023<\/a><\/p>\n<\/blockquote>\n According to data from IntoTheBlock, the cryptocurrency\u2019s long-term \u201chodlers\u201d hold 13.44 million BTC, which is merely short of the <\/span>record of 14.599 million<\/span><\/a>. This amount currently held by long-term \u201chodlers\u201d accounts for 69% of Bitcoin\u2019s circulating supply.<\/span><\/p>\n\u201cMacroeconomic Scenario\u201d Responsible For Bitcoin Volume Decline<\/span><\/h2>\n
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by @caueconomy<\/a> <\/p>\n\n
Long-Term BTC Holders Continue To Show Faith<\/span><\/h2>\n
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