- Bitcoin’s low volatility has been able to attract both retail and large investors who have taken the opportunity to buy cryptocurrencies.
- Miner Selling Pressure Eases as Earnings Continue to Rise
Recent data from glass nodesuggested it bitcoin [BTC] Volatility has dropped significantly over the last month. This low volatility has attracted both individual and large investors who have taken the opportunity to buy cryptocurrencies.
read bitcoin [BTC] price prediction 2023-2024
One of the same reasons, on the previous occasion Bitcoin Experiencing low volatility, such as in April 2019 and August 2020, caused BTC to bounce back briefly and surge in price.
Source: Glassnode
Whales and individual investors team up
The interest of large and retail investors was demonstrated by data provided by Glassnode.For example, the number of addresses holding 0.1 or more coins hit an all-time high of 4,212,110Additionally, the number of addresses holding 10 coins or more reached a two-year high. 155,417.
Interest from both large addresses and retail investors may be beneficial for BTC in the short term, but the large concentration of bitcoin held by BTC whales has made retail investors suddenly May be vulnerable to price fluctuations. These movements may be a direct result of whale behavior.
Source: Glassnode
mining angle
Miner interest may also increase along with retail interest. This was because the miner’s earnings were increasing. According to data provided by Glassnode, Bitcoin It has increased from 573 BTC to 978 BTC in the last few weeks. Rising miner earnings could reduce selling pressure on Bitcoin miners.
Source: Glassnode
Additionally, the mining hashrate, which measures the processing power of the Bitcoin network, also increased by 0.87% over the past month. A high hashrate indicates that the BTC network remains very secure.
Another positive for mining is Hut8 Mining Corp. Latest announcementIt said it will mine 3,568 bitcoins in 2022, and will grow its reserves by 65% to 9,086 BTC in 2022. Hut8 said he intends to stay true to the HODL strategy and deposited his 100% of the self-mined bitcoins in December.
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In terms of market performance, Bitcoin’s market capitalization dominance has increased over the past three months. According to Messari, at the time of writing, he had a BTC market cap of 39.192%.
Source: Messari
Overall, the decline in Bitcoin volatility could be a positive sign for cryptocurrencies going forward. Additionally, growing interest from both retail and large investors, as well as rising miner earnings, could be indicators of an optimistic future for BTC.
