en
Back to the list

Bitcoin Price Has Yet To Catch Up to These ‘Crazy Strong’ Fundamentals, Says InvestAnswers

Bitcoin

dailyhodl.com 25 May 2023 15:16, UTC
  
Reading time: ~2 m

A popular crypto analyst thinks Bitcoin’s (BTC) price hasn’t yet caught up with its “out-of-control” fundamentals.

In a new YouTube video, the anonymous host of InvestAnswers tells his 444,000 subscribers that Bitcoin’s fundamental metrics are all going up except for BTC’s supply on exchanges, which is going down.

Large amounts of Bitcoin outflowing from exchanges can indicate a bullish period as deep-pocketed investors accumulate the top digital asset.

The InvestAnswers host notes long-term holder supply is going up, with roughly 14.5 million Bitcoin sitting in that category now.

“Then we have addresses with a balance greater than one Bitcoin — over 1 million. Of course, many people have five wallets or more, so that doesn’t mean there are a million whole-coiners, ladies and gentlemen. There’ll never be more than 330,000 whole-coiners. But that is just an interesting stat to look at too.

And the supply last active over one year-plus, again, up and to the right. So the fundamentals are crazy strong. Bitcoin’s price still has yet to catch up to reflect what’s exactly going on here when you compare these charts to traditional situations.”

BTC is trading at $26,436 at time of writing. The top-ranked crypto asset by market cap is down more than 2.6% in the past 24 hours.

I


Generated Image: Midjourney


   Source
Back to the list