The latest on-chain data suggests that Bitcoin (BTC) at $30,000 is the most popular “buy” level ever. According to crypto analytics firm Glassnode, a record amount of BTC changed hands near the current spot price. Despite the price action stalling near the $30,000 mark, buyer behavior indicates significant demand for the largest cryptocurrency.
Glassnode monitors unspent transaction outputs (UTXO) and shows that $30,200 is the price at which the largest number of BTC was created. The firm’s Entity-Adjusted URPD metric discards certain transaction types to provide a more accurate picture of demand. This metric reveals that 3.8% of the total BTC supply last moved at $30,200, surpassing even the activity at $16,500, which marked the area near the 2022 post-FTX bottom.
This data has led popular pseudonymous trader Mikybull Crypto to comment that a “big move is coming.” The non-entity adjusted data set, which displays similar numbers, also supports this sentiment. With the increasing demand near the $30,000 level, it indicates that there may be significant price movements in the near future.
Furthermore, other on-chain data reinforces the belief that longtime Bitcoin holders are uninterested in selling their stake, despite the doubling of BTC’s price this year. Glassnode’s Hodled or Lost Coins metric, which analyzes the “liveliness” of the Bitcoin blockchain, continues to reach new record highs. This metric provides insights into how stagnant the supply is and includes BTC that is likely out of reach indefinitely, either because it is being held as a long-term investment or due to owners losing access to their wallets. Currently, 7.77 million BTC, worth around $233 billion, fall into this category, marking the highest tally in five years.
Estimates suggest that around 20% of Bitcoin’s 21 million units may already be locked from circulation forever. These “lost” Bitcoins further contribute to the scarcity and potential price appreciation of the cryptocurrency.
It is important to note that this article does not provide any investment advice or recommendations. Like any investment or trading opportunity, Bitcoin carries risks, and readers should conduct their own research before making any decisions.