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Bearish Case for Bitcoin Is Fading As Long-Term Holders Dominate BTC Supply: On-Chain Analyst Will Clemente

Widely adopted on-chain analyst Will Clemente says that the argument for a Bitcoin bull entice is fading as long-term BTC holders dominate the availability of the main cryptocurrency.

Clemente tells his 187,300 Twitter followers that long-term holders, or entities which have held their BTC for a minimum of six months, now personal over $637 billion in Bitcoin, representing greater than half of the main crypto asset’s complete provide.

“Supply held by long-term Bitcoin holders has reached new all-time highs. These entities now maintain 12,674,515 BTC. That’s 67% of provide, 84% when adjusting for misplaced cash.”

Source: Will Clemente/Twitter

According to Clemente, long-term holders don’t see Bitcoin’s rise to $50,000 as a chance to take earnings.

“$50,000 is the final affordable degree for a macro decrease excessive. Long-term holders aren’t taking exit liquidity on this transfer. The case for this being a lifeless cat bounce is fading.”

The on-chain analyst can be trying on the quantity of stablecoins stashed on crypto exchanges. Clemente says that he’s watching the alternate reserve ratio, which he notes serves as a proxy to calculate the capital sitting on the sidelines.

“Multiplying this ratio by total stablecoin provide exhibits roughly $20 billion of stables sitting on exchanges proper now.”

Source: Will Clemente/Blockware

Traders typically monitor the quantity of stablecoin reserves on exchanges because it signifies buyers’ urge for food to enter the crypto markets.

Fellow analyst Lex Moskovski seems to assist Clemente’s findings as he says that $19.44 billion value of stablecoins have flowed into the crypto markets within the final three months.

“This just isn’t what a bear market seems like.”

Source: Lex Moskovski/Twitter

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Featured Image: Shutterstock/Tithi Luadthong

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