Bitcoin Demand Surges Near $30,000 (July 2023)
Glassnode, a top crypto analytics company, has revealed fascinating on-chain Bitcoin data that caught our attention. According to their analysis, a significant amount of BTC has been traded around the current market price, surpassing the $30,000 mark. This milestone showcases the strong demand for the world’s largest cryptocurrency, despite recent price fluctuations.
Glassnode’s research indicates that $30,200 is the price level at which the largest quantity of BTC has been generated. Their Entity-Adjusted UTXO Realized Price Distribution (URPD) index carefully considers Bitcoin transactions, excluding certain types to ensure accurate data. By eliminating movements between addresses controlled by the same entity and excluding supply sources on exchanges, Glassnode provides a clearer picture of Bitcoin’s real demand.
The data reveals that an astonishing 3.8% of the total BTC supply has been recently transacted at the $30,200 price level, surpassing even the $16,500 level, which marked a significant market bottom in 2022.
These on-chain insights suggest a potential major shift in the market.
In addition, Glassnode’s Hodled or Lost Coins index reveals another intriguing trend. Despite BTC’s price doubling this year, long-term Bitcoin holders seem less inclined to sell. The index shows a continued increase in Hodled or Lost Coins, indicating strong conviction and confidence in Bitcoin’s long-term value.
This segment currently holds a staggering 7.77 million BTC, valued at approximately $233 billion – the highest level in the past five years! These numbers align with estimates suggesting that around 20% of the 21 million Bitcoin units may be permanently locked away from circulation.
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