Home Crypto On-Chain Data Shows Bitcoin Supply Will Not Be Able To Meet Demand:...

On-Chain Data Shows Bitcoin Supply Will Not Be Able To Meet Demand: Glassnode Co-Founder

The co-founder and chief technical officer of the crypto analytics agency Glassnode says on-chain information reveals that Bitcoin (BTC) is headed straight for a provide crunch.

The agency’s newest information reveals almost 2,000,000 BTC has shifted from short-term to long-term holders since April of this yr.

Glassnode’s Rafael Schultze-Kraft says the info clearly reveals “provide will be unable to match demand.”

Source: Glassnode

Glassnode defines a long-term holder as any Bitcoin consumer who has held onto their BTC for not less than 155 days.

Crypto analyst William Clemente can also be diving into new information on the state of Bitcoin’s provide.

He says BTC’s provide crunch ratio, which is one other metric monitoring the quantity of Bitcoin held by sturdy palms versus weak palms, is displaying a bullish divergence.

Clemente notes that the present stage of on-chain exercise is much like what occurred in June and July, proper earlier than the biggest digital asset by market cap noticed an August surge.

He says he’s additionally seeing comparable destructive sentiment in replies to his Tweets, which he views as one other optimistic signal of what’s to return.

Bullish divergence between on-chain investor exercise and worth, similar to in June/July.

‘On-chain is hopium’ replies [in my Twitter feed], similar to in June/July.”

Source: Glassnode

Bitcoin is at present exchanging palms at $44,746 at time of writing, a 3.5% % achieve on its 24-hour low of $43,207, in response to CoinGecko.

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